The benchmark Philippine Stock Exchange Index (PSEi) fell over 100 points on Tuesday after international debt watcher Fitch Ratings downgraded the Philippine economy’s outlook from stable to negative.
The PSEi fell 1.72 percent, or 118.74 points, to 6,795.13 while the broader all-shares index fell 1.27 percent, or 54.26 points, to 4,215.76 as investors dismissed efforts by the country’s economic managers to downplay the downgrade.
“The downward revision reflects increasing risks to the credit profile from the impact of the pandemic and its aftermath on policy-making as well as on economic and fiscal outturns,” Luis Gerardo Limlingan, managing director at Regina Capital Development,…
Keep on reading: Fitch outlook downgrade sends PH shares tumbling