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Business

Index tracks global markets, ends in the red

Iris Gonzales - The Philippine Star
Index tracks global markets, ends in the red
The benchmark Philippine Stock Exchange index (PSEi) closed at 7,223.83, down 37.51 points or 0.52 percent, while the broader All Shares index declined 10.06 points or 0.26 percent to finish at 3,845.24.
AFP / File

MANILA, Philippines — Recurring COVID-19 worries, slowing growth in China, and looming rate hikes in the US further pulled local share prices into the red yesterday.

The benchmark Philippine Stock Exchange index (PSEi) closed at 7,223.83, down 37.51 points or 0.52 percent, while the broader All Shares index declined 10.06 points or 0.26 percent to finish at 3,845.24.

Total value turnover reached P5.776 billion. Market breadth was negative, 104 to 78, while 61 issues were unchanged.

Japhet Tantiangco of Philstocks Financial said the local market declined further as COVID-19 worries dampened investor sentiment.

“This is amid the continuous surge in local cases, with last Saturday’s numbers reaching a record high of 39,004,” he noted.

Investors are thus worried over the mounting economic losses amid the extension of the Alert Level 3 restrictions in the National Capital Region and other key economic areas, and its implementation in more parts of the country.

“The PSEi tracked global markets lower after Federal Reserve policymakers signal that the US may hike interest rates as early as March to control rising inflation,” AB Capital Securities said in a note.

Concerns over persistently rising inflation are prompting the Federal Reserve to trim its bond purchases and consider raising interest rates earlier and more often than Wall Street had expected less than a year ago.

Shares were mixed in other Asian markets after China reported that its economy expanded at an 8.1 percent annual pace in 2021, though growth slowed to half that level in the last quarter.

“Economic momentum remains weak amid repeated virus outbreaks and a struggling property sector,” Julian Evans-Pritchard of Capital Economics said in a commentary.

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