The local stock market continued to dive due to global recession fears due to the vicious cycle created by rising inflation, interest rates, and value of the dollar.
The main index fell 140.39 points or 2.33 percent to close at 5,879.68 as the Mining and Oil sector led the rout. Volume dropped to
The local stock market is crashing and has plunged to its lowest level in almost two years (at the height of the pandemic) as contagion of fear in the currency markets remind investors of the financial crisis in 1996-1997.
The main index fell 239.47 points or 3.83 percent to close at 6,020.07 afte
Risk-off sentiments reigned in the local bourse on the resumption of the week’s trading yesterday and the peso registered another all-time low against the
DOWN. Concerns on the possibility of a recession in the US increased following another large increase in the Federal Reserve funds rate. This resulted in further depreciation of the Philippine peso and the drop to below 6,300 for the Philippine Stock Exchange index (PSEi) on Friday (Sept. 23, 2022). (PNA graphics) MANILA - Recession worries resulted in the local main stocks index ending the week below 6,300-level while the peso registered another record-low against the US dollar despite its sideways close on Friday. The local currency again slipped to its new record low after closing the week at 58.5, which is little changed from its 58.49 finish a day ago. It opened the day at 58.35, weaker than its 58.1 start in the previous session. It traded between 58.5 and 58.25, resulting in an average of 58.349. Volume declined to USD985 million from the previous session's USD1.51 billion. Philippine monetary authorities said the local unit continues to be market-determined although the cen
The PSEi dropped despite some bargain hunting as higher rates and the weaker peso continue to dampen investor sentiment.
The main index lost 42.17 points or 0.67 percent to close at 6,259.54 although sectoral indices were evenly mixed. Volume dropped to 491 million shares worth P4.83 billion as ga