Stock slumps on US Fed move

The local stock barometer slumped on Thursday as domestic investors pocketed gains and weighed in a prospective start of a monetary tightening cycle here and abroad.

The main-share Philippine Stock Exchange index shed 45.14 points or 0.7 percent to close at 6,417.35. Across the region, trading was mostly sluggish on concerns that US interest rates may rise sooner than already discounted by global markets.

Despite the decline in overall index, foreigners were in a net buying position for the 18th straight year. About P640 million in net foreign buying in the local market was recorded by the PSE on Thursday.

The Philippines is expected to remain as one of the region’s economic outperformers this year.

Value turnover for the day amounted to P7.12 billion. There were 107 decliners which overwhelmed 46 advancers in the market while 51 stocks were unchanged.  Doris C. Dumlao