US recession fears caused another round of sell-offs Friday, with the local bourse closing just slightly above the 6,600 level.
Analysts said the PSEi declined along with US and regional stocks on growing fears of potential recession over the prolonged high interest rate environment. “Given some dismal economic data in the US, investors were worried that the Federal Reserve might now be late in easing monetary policy potentially leading to a recession,” Philstocks Financial Inc. research analyst Claire Alviar said.
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