PSEi tumbles along with regional bourses
The PSEi tumbled 73.03 points or 1.05 percent to finish at 6,855.31, while the broader All Shares index declined 40.02 points or 0.95 percent to end at 4,161.35. File photo
MANILA, Philippines - Share prices tumbled yesterday after the US Federal Reserve’s decision to raise interest rates but the Philippine Stock Exchange said the benchmark index (PSEi) may still climb to as high as 8,500 next year if the global environment improves.
The PSEi tumbled 73.03 points or 1.05 percent to finish at 6,855.31, while the broader All Shares index declined 40.02 points or 0.95 percent to end at 4,161.35.
All counters were down led by the property, industrial and mining and oil sectors.
Total value turnover reached P8.70 billion with market breadth negative as decliners numbered 117, ahead of advancing stocks which totalled 66. Forty stocks were left unchanged.
As expected, share prices plunged yesterday after the US Federal Reserve raised rates for only the second time in a decade. The Fed raised rates by a quarter point to 0.5 to 0.75 percent from 0.25 percent to 0.5 percent on the back of a strengthening US economy and rising inflation.
PSE president Hans Sicat said the market would continue to watch for events next year. “I think we’ll figure out how events will develop in January and February before one can give a more educated guess as to where the market will be,” Sicat said.
He said 2017 may still start off as a volatile year.
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