PSEi drops 2.40% on impending Fed rate hike

By Ed Paolo Salting

Jun 16, 2022 12:21 am

THE Philippine Stock Exchange (PSE) plummeted on Wednesday by 155.11 points, or by 2.40 percent, to 6,319.42 as the local market was affected by the negative sentiment from last night's performance of the US bourses.

Regina Capital Development Corp. Managing Director Luis Limlingan, Rizal Commercial Banking Corp. chief economist Michael Ricafort and Philstocks Financial Inc. senior research analyst Japhet Tantiangco all agreed that investors are worried over an aggressive rate hike by the US Federal Reserve Bank.

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