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Stocks end week of daily losses

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The local stock market ended a whole week of losses due to the prospect of more US Fed rate hikes. ManilaBulletin

The main index shed 11.36 points or 0.18 percent to close at 6,393.55 although sectoral indices were evenly split. Volume fell to 537 million shares worth P3.32 billion as gainers outpaced losers 103 to 89 with 41 unchanged.

“Philippine shares were sold on news as investors digested further the implications of the recent statements of the Fed,” said Regina Capital Development Corporation Managing Director Luis Limlingan.Philstocks Financial Research Manager Japhet Tantiangco said “The local market extended its losses to a fifth straight day as investors continue to worry over the global economy following the hawkish remarks of Federal Reserve Chairman Jerome Powell, signaling 2 more possible rate hikes.

“Further rate hikes by the Fed may weaken the US economy which in turn would heavily weigh on the global economy,” he noted

 

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