The local stock barometer tumbled on Thursday as escalating US interest rate jitters spooked markets across the region.
The Philippine Stock Exchange index (PSEi) fell by 85.43 points, or 1.23 percent, to close at 6,887.92 as foreign investors heavily dumped local stocks. Indications that the US Federal Reserve may raise its targeted interest rate twice in 2023 curbed risk-taking across regional markets.
Some investors also believe that many local stocks had risen too fast and too soon in the last three weeks.
Local stock brokerage Papa Securities suggested the PSEi could be losing the momentum from its earlier rallies, adding that the 7,000 to 7,150 area would be tough to penet…
Keep on reading: PSEi loses steam as US signals rate hike