Summer rally fizzles out

Local shares were sold down once again as the summer rally faded amid mounting rate hike concerns.

A handful of US economic data are set for release including July new home sales along with August manufacturing Purchasers Manufacturing Index and the August Richmond Federal Reserve survey.
The Philippine Stock Exchange index closed at 6,618.38 down 86.03 points or 1.28 percent.F

Most of the counters ended in red, with SM Prime Holdings ended down 0.96 percent to P36.20; SM Investments Corp. dropped 0.94 percemt to P842; BDO Unibank slipped 1.19 percent to P125; Ayala Corp. ended weaker by 2.31 percent to P719.50; and JG Summit Holdings Inc. was down 2 percent to P53.80

Investors cash in
Profit-takers continued yesterday to emerge sending the PSEi to retreat to the 6,600 level after staying in the overbought region for last week.

Oil pared losses yesterday following Saudi’s energy minister saying the OPEC+ could cut production to confront market challenges.

Brent crude futures shed 0.5 percent to $96.28 per barrel.

On the other hand, the US West Texas Intermediate crude slipped by 0.3 percent to $90.50/bbl.

Leave a Reply

Your email address will not be published. Required fields are marked *