PSE index slips on US interest rate jitters

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MANILA, Philippines – The local stock index ended a five-day run-up on Friday as talk of a potential US interest rate increase by March weighed down regional markets.

The Philippine Stock Exchange index gave up 50.03 points or 0.73 percent to close at 6,842.15, led by the decline in the interest rate-sensitive property counter (-1.56 percent).

Across the region, markets tumbled on reports that a US Federal Reserve official had talked about a likely increase in US interest rates by March.

The financial, industrial, holding firm and mining/oil counters likewise slipped.

Turnover amounted to P6.91 billion.

There were 75 advancers against 100 decliners while 54 stocks were unchanged.

Among the steepest decliners among PSEi stocks were SMPH and SMIC, both down by over 2 percent, while ALI, Megaworld and EDC all slipped by over 1 percent.

BDO, Metrobank, URC, DMCI and BPI likewise declined.

On the other hand, Petron (+1.58 percent) gained due a favorable outlook by a foreign broker. PLDT and AC also firmed up.

Outside of the main index, those that bucked the downturn were MARC (+3.48 percent), LPZ (+1.89 percent) and Puregold (+1.3 percent).

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