PH stocks dragged by global reaction to Fed rate hike

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Philippine shares fell in Thursday morning trade in line with the global markets’ reaction to the US Federal Reserve move to raise its key rates by 25 basis points, and to Fed hints that more hikes are in store for next year as the US economy gains further growth momentum.

As of the midday break, the Philippine Stock Exchange index (PSEi) was down 1.08 percent or 74.48 points at 6,853.86.

Although the 25-basis point US rate hike fell within consensus forecasts, the global markets weakened upon learning of Fed Chair Janet Yellen’s stance for a faster pace of rate increases next year under the Donald Trump administration. Kristyn Nika M. Lazo

NL/NT


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