PSEi ends lower as battle vs inflation continues
Inquirer.net 2023-03-23 18:12:40 • 2 mins
MANILA -Philippine stocks followed Wall Street lower as the US Federal Reserve and Bangko Sentral ng Pilipinas (BSP) hiked interest rates anew to tamp down stubborn inflation.
By the closing bell, the benchmark Philippine Stock Exchange index (PSEi) slumped 0.15 percent, or 9.91 points, to 6,536.36 while the broader All Shares index shed 0.21 percent, or 7.20 points, to 3,492.77.
US stocks tumbled overnight after the US central bank raised the benchmark rate by another 25 basis points while US Treasury Secretary Janet Yellen said they were not looking to provide blanket insurance for bank deposits after doing so for failed lenders Silicon Valley Bank and Signature Bank.
