Local stocks extend losses

The Philippine Stock Exchange index slipped 6.93 points, or 0.12 percent, to close at 6,041.04 Wednesday, while the broader all-shares index lost 2.64 points, or 0.08 percent, to settle at 3,271.66.

Regina Capital Development Corp. head of sales Luis Limlingan said Philippine shares edged lower as Wall Street geared up for the latest interest rate decision and economic update from the Fed. “The Fed is widely expected to hold rates steady, but investors will be paying close attention to the summary of economic projections and the press conference of US Fed chair Jerome Powell for clues about that might happen in the months ahead,” Limlingan said.

Rizal Commercial Banking Corp. chief economic Michael Ricafort said the Asian Development Bank’s downward revision of its Philippine gross domestic product growth estimate for 2023 to 5.7 percent from 6 percent also contributed to the market’s negative sentiment.

Sverige Senaste nytt, Sverige Rubriker

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

Metro Pacific to exit Philippine stock market in October 2023Infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) said Wednesday it expects to be delisted from the Philippine Stock Exchange in
Källa: MlaStandard - 🏆 20. / 55 Läs mer »

The Philippine real estate market in 2Q 2023: Imminent business boom in LuzonThe second quarter of 2023 saw an economic slowdown due to high commodity prices and the lagged impact of interest
Källa: MlaStandard - 🏆 20. / 55 Läs mer »

Bill allots financial and technical support for revival of local salt-making industryFarmers and producers who depend on the moribund local salt-making industry may soon have access to necessary funding and technical support, according to a lawmaker. Camarines Sur Rep. LRay Villafuerte made the assurance as the Senate recently followed the House of Representatives in passing its version of a congressional measure…
Källa: BusinessMirror - 🏆 19. / 59 Läs mer »