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Stocks plunge after US debt rating downgrade

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The local stock market fell together with most global bourses after Fitch downgraded its US credit rating.

The PSEi plunged 110.52 points or 1.78 percent to close at 6,483.28 as losses were led by the Mining and Services counters. Volume remained thin at 787 million shares worth P4.23 billion as losers swamped gainers 154 to 27 with 47 unchanged.

“Philippine shares along with the whole region plummeted, as independent rating agency Fitch cut the rating from the top level of AAA to a notch lower at AA+,” said Regina Capital Development Corporation Managing Director Luis Limlingan. He added that “The announcement comes after US lawmakers waited until the last moment to agree on a debt ceiling deal just this May. While the company Fitch noted steady deterioration in governance over the last 20 years, Secretary Janet Yellen called the countered this downgrade as ‘arbitrary.’”

Philstocks Financial Assistant Research Manager Claire Alviar said “The downgrade is seen to put upward pressure on the US’ interest rates which in turn adds to the challenges on their economy. Note that the US is an economic partner to many Asian countries.” She added that, “the downgrade implies downside risks on the US’ fiscal position which in turn dents investors’ confidence and may cause their funds to run towards safe havens which is negative for the equities markets.”

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