Connect with us

Business

Philippines stock market index plunges to more than a year of inflation, interest rates worry

Published

on

 


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).

Sources

1/ https://Google.com/

2/ https://www.zawya.com/en/markets/equities/philippine-stock-exchange-index-plunges-to-over-one-year-low-on-inflation-interest-rate-worries-roqqxfoi

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]