The local stock market continued to dive due to global recession fears due to the vicious cycle created by rising inflation, interest rates, and value of the dollar.
The main index fell 140.39 points or 2.33 percent to close at 5,879.68 as the Mining and Oil sector led the rout. Volume dropped to 815 million shares worth P6.79 billion as losers beat gainers 156 to 49 with 39 unchanged.
“Philippine shares continued falling on climbing rates and global recession fears, with other regional indices falling deeper into the bear market,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse slumped, breaching the 6,000 psychological support level, as negative sentiment continues to dominate the market with the peso, weakening further to P59.00.”
“As of 03:30 pm, our Asian peers were also in the red as the dollar strengthens which weaken most currencies in Asia including but not limited to the Chinese yuan and Indian rupee. Recession fears in the US are growing as the Fed remains hawkish,” she added.
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