Stocks fall on concerns over slowing economy

  • 📰 manilabulletin
  • ⏱ Reading Time:
  • 38 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 51%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

Local share prices fell on continuing concerns over China’s economy and risks posed by Russia’s invasion of Ukraine.

The main index dropped 116.11 points or 1.66 percent to close at 6,863.91 as the Mining and Oil counter led all sectors in the retreat. Volume jumped to 816 million shares worth P8.78 billion due to a block sale of ALI shares as losers swept gainers 138 to 49 with 43 unchanged.

He added that sentiment also suffered after “Moody’s Analytics trimmed its Philippine GDP forecast this year to 6.1 percent due to the impact of slower global demand and faster inflation on the economy.” Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market declined further on the back of the negative spillovers from Wall Street.“

He explained that “This comes amid global economic slowdown worries as China’s economy continues to deal with its worsening COVID-19 situation, while the Russia – Ukraine war poses risks of further escalation.“ “Wednesday’s decline is also attributed to investors’ reaction over the earlier rate hike signals from the Bangko Sentral ng Pilipinas” Tantiangco added.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 25. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Stocks slide on inflation, Covid concernsThe local stock market dropped after another major oil price hike as well as concern over the impact of the Covid surge in China. BBMIsMyPresident2022
Källa: manilabulletin - 🏆 25. / 51 Läs mer »

Stocks slide on inflation, Covid concernsThe local stock market dropped after another major oil price hike as well as concern over the impact of the Covid surge in China. BBMIsMyPresident2022
Källa: manilabulletin - 🏆 25. / 51 Läs mer »