PSEI crashes again

The Philippine Stock Exchange index (PSEi) stock market crashed again after yesterday’s feeble attempt to recover as investors fear that the US Federal Reserve is deadset on aggressively raising interest rates to fight inflation.

The main index plunged 193.18 points or 3.26 percent to close at 5,741.07 as Conglomerates and the Property sector led the retreat. Volume rose to 1.01 billion shares worth P6.69 billion as there were three times more losers than gainers at 154 to 51 with 37 unchanged.

“Philippine shares hit the 5700 level as investors weighed concerns over future rate-hiking decisions from the Fed and the impact on the market,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “On the local data front, the Philippines registered hot money outflows of $86 million in Aug., a reversal of $11.51 million inflows recorded during the same month last year.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse plunged amid growing recession fears as the US treasury yields continue to rise with the Federal Reserve remaining hawkish.”

“At home, foreign portfolio investments’ net outflow in August and the agricultural damages caused by Typhoon Karding also adversely affected the sentiment. We are seeing the support at 5,700 while the resistance is pegged at the 6,000 level,” she noted.

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