Local stocks plunged further into the depths of despair yesterday, with the benchmark Philippine Stock Exchange (PSEi) index falling to the 6,100 level to end at their lowest in more than a year.
The PSEi lost 117.9 points or 1.86% to close at 6,168 while the broader All Shares index slipped 40.32 points or 1.20% to end at 3,328.35.
Investors continued to sell stocks amid rising uncertainties such as soaring oil prices and runaway inflation, traders said.
“Market awaits Bangko Sentral ng Pilipinas (BSP) interest rate decision (today). In the meantime, the market is also bracing for higher inflation as fuel and other commodity prices continue to climb,” said Joseph Roxas, Head of Eagle Equities.
Grace Cerdea from 2Trade Asia said market sentiment seems to be reacting to the effect of inflation on consumption.
Inflation accelerated to 5.4% in May from 4.9% in April, bringing average inflation to 4.1% and exceeding the BSP’s target range of 2-4%.
The BSP is due to meet today and is expected to raise interest rates by 25 basis points.
The PSE index slipped 117.19 points to 6,168 (down 1.86%) as the peso continues to depreciate against the US dollar, after the BSP hinted at gradual rate hikes in their upcoming policy meetings (versus aggressive Fed rate hikes),” AB Capital Securities said in a note.
It was a sea of red yesterday, with panic selling hitting all sectors. The real estate index was the hardest hit with a loss of 3.57%. Services and financials also took a hit, falling 1.98% and 1.53% respectively.
Total turnover in value was extremely thin at 4.266 billion pesos compared to the average daily turnover of 9 billion pesos in 2021.
Unsurprisingly, decliners topped advanced, 115 to 68 while 48 problems remained unchanged.
Globally, the move to higher rates by several major central banks has raised fears of recession, prompting a sell-off in riskier assets in recent months.
Copyright 2022 PhilSTAR Daily, Inc Provided by SyndiGate Media Inc. (Syndigate.info).
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