The local benchmark fell by 106.62 points or 1.59 percent to close at 6,583.65 with Conglomerates leading the retreat while the Property sector was the only one that managed to advance. Volume rose to 1.45 billion shares worth P8.87 billion as losers trounced gainers 118 to 67 with 42 unchanged.
He added that, “More recently, New York Fed Pres. John Williams called for a ‘somewhat restrictive policy to slow demand.’” Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse extended its decline following the drop in the US markets amid worries that the Federal Reserve will continue with its aggressive policy tightening.”
She noted that, “The main index also breached the 6,600 support level amid a lack of positive catalysts. If the market will not return above 6,600, then the next support would be at the 6,400 level. “