Local share prices took their cues from the US and dropped again, to end one of the Philippine Stock Exchange Index’s worst week this year.
The main index lost 61.45 points or 0.96 percent to close at 6,331.56 as Conglomerates led the retreat with only the Services sector bucking the trend following gains by PLDT. Volume rose to 917 million shares worth P11.71 billion as losers beat gainers 133 to 57 with 45 unchanged.“Philippine shares resumed the selloff as recession fears resurfaced.
He added that, “several key pieces of economic data fell short of forecasts this week, ranging from US May retail sales to housing starts, and the Fed raised its benchmark interest rate by 75bp—the most since 1994.” Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said the “local bourse fell on the back of the negative cues from Wall Street. This came due to worries over recession risks on the US economy amid the Federal Reserve’s monetary tightening.”
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks plunge on interest rate fearsThe local stock market resumed its slide on the back of losses in Wall Street as interest rates rise ahead of the US Federal Reserves’ monetary policy meeting.
Source: manilabulletin - 🏆 25. / 51 Read more »
US airborne raid nets top IS operative in SyriaBEIRUT: US coalition forces said they captured a senior Islamic State group bomb maker in an airborne operation before dawn Thursday in northern Syria.A war monitor and Agence...
Source: TheManilaTimes - 🏆 2. / 92 Read more »
Thumbs-up from Mickelson doesn't bring normalcy to US Open | The Associated PressBROOKLINE, Massachusetts—Phil Mickelson lumbered his way down the first fairway and flashed a thumbs-up almost by habit, even if he wasn't responding to an occasional encouraging word from behind the ropes or in the grandstands. In that respect, Tuesday felt like a typical US Open. This is his 31st appearance,…
Source: BusinessMirror - 🏆 19. / 59 Read more »
US Open lets Russian tennis players in after Wimbledon ban | The Associated PressTHE US Open will allow tennis players from Russia and Belarus to compete this year despite the ongoing war in Ukraine, which prompted Wimbledon to ban those athletes. US Tennis Association(USTA) CEO and Executive Director Lew Sherr, whose group runs the US Open, said in a telephone interview with The Associated Press on Tuesday that…
Source: BusinessMirror - 🏆 19. / 59 Read more »
What stoneware tells us about Philippine heritage - BusinessWorld OnlineOBJECTS used in daily lives carry the history of a civilization. The earliest pottery technology dates back 4,200 years, and ceramics were widely exported globally in the 7th century. READ:
Source: bworldph - 🏆 9. / 68 Read more »
US broadens restrictions on Belarus national airline after violationsCompanies around the world are now prohibited from maintaining, repairing, and otherwise using US parts or equipment to service Belavia's fleet.
Source: rapplerdotcom - 🏆 4. / 86 Read more »