PSEi slides to 7,300 on U.S. rate hike jitters

The local stock barometer Thursday slid to the 7,300 level as Asian emerging markets grappled with prospects of another US interest rate hike.

Declining for the seventh straight trading session, the Philippine Stock Exchange index lost 117.64 points or 1.58 percent to close at 7,312.18. The local market tracked the downturn across regional markets as investors brace for a possible US interest rate hike by December ahead of the release of the minutes of the last US Federal Reserve meeting.

At the local market, there was bloodbath across all counters. Worst hit was the interest rate-sensitive property counter which tumbled by 4.63 percent.

Value turnover for the day amounted to P8.78 billion. Foreign investors remained net sellers amounting to P750 million for the day.

There were 164 decliners that overwhelmed 29 advancers, while 44 stocks were unchanged.

Investors dumped shares of property stocks SM Prime (-5.27 percent),  Megaworld (-5.52 percent), ALI and RLC  (both slumped by more than  4 percent).

Non-PSEi property stocks, including DoubleDragon (-6.87 percent) also slid.

GT Capital and Metrobank both fell by more than 2 percent while AC, SMIC, BDO, BPI, Meralco and ICTSI were down by more than 1 percent.

PLDT, URC, Globe and JG Summit also slipped.

On the other hand, Security Bank and Metro Pacific bucked the day’s downturn, both rising by more than 2 percent.