Fed plans vs inflation drag down PH stocks
The benchmark Philippine Stock Exchange Index (PSEi) fell below the 7,000 level on Friday as local sentiment sank alongside regional equities while early first quarter financials from major banks failed to prop up the market.
The PSEi extended losses by 0.89 percent, or 62.90 points, to 6,998.59 while the broader all-shares index shed 0.82 percent, or 30.94 points, to 3,721.60.
Sy-led BDO Unibank Inc. disclosed that first quarter net income rose 13 percent, while the Ayala Group’s Bank of the Philippine Islands earlier announced that profits were up 59.6 percent from January to March this year.
Asian shares were down while premarket data from Wall Street pointed to a lower opening due to worries over aggressive rate hikes by the US Federal Reserve as it battles record high inflation.
All PSE subsectors also sank on Friday, led by industrial and property, which dropped 1.90 percent and 1.48 percent, respectively.
Mining and oil also shed 0.64 percent, followed by financials, down 0.63 percent; holding firms, down 0.35 percent; and services, down 0.19 percent.
A total of 450.5 million shares valued at P4.82 billion changed hands while foreigners were net sellers to the tune of P646.16 million.
