The bellwether Philippine Stock Exchange index slumped by 193.18 points or 3.25% to close at 5,741.07 on Friday, while the broader all shares index went down by 82.98 points or 2.6% to 3,107.90.“Philippine shares hit the 5,700 level as investors weighed concerns over future rate hike decisions from the Federal Reserve and the impact on the market,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
For this week, Mr. Limlingan said that the market’s movement will be largely dependent on upcoming data releases. Headline inflation likely peaked anew in September due to higher electricity rates and food prices, partly driven by the continued depreciation of the peso, analysts said.ation, closer to the low end of the 6.6-7.4% forecast of the Bangko Sentral ng Pilipinas .