The main index lost 20.55 points or 0.32 percent to close at 6,448.87 as the Property sector led the retreat while the Services counter managed to hold its ground. Volume eased to 967 million shares worth P5.31 billion as losers beat gainers 124 to 65 with 44 unchanged.
“Philippine shares notched lower as investors weighed recession risk following the latest meeting minutes from the Fed,” said Regina Capital Development Corporation Managing Director Luis Limlingan. He noted that , “The FOMC meeting minutes showed that the central bank expects the recent banking crisis to cause a recession later this year. This overshadowed the fact that inflation cooled in March as the Fed's interest rate increases showed more impact.”
Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse dropped as investors’ sentiment was dampened by the Federal Reserve's cautionary note about an impending recession.”
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