Index slips a tad after long weekend

The post-holiday effect caused the Philippine Stock Exchange index to drop 62.23 points or 0.92 percent to 6,690.27 as local investors reacted to Fed Chair Jerome Powell’s hawkish speech in Jackson Hole.

“The hawkish stance of the Fed despite the easing of inflation brought negative sentiment as this may lead to a US recession,” Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar said.

“At home, the peso is weakening once again, trading at 56 levels. We may expect the peso to depreciate further if the Fed will continue to hike interest rates,” she added.

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