Philippine shares retreated more than 2 percent to hit the 7,300-point level in Tuesday morning trade on prevailing anxiety over the timing of a US Federal Reserve rate hike.
As of the midday break, the bellwether Philippine Stock Exchange index (PSEi) was down 2.11 percent or 158.22 points at 7,326.67.
By 1:50 p.m., the index’s losses have widened to 169.50 points or 2.26 percent to 7,315.39.
“Having cracked below 7,500, [the index indicated that]pessimism still prevailed,” Grace Cerdenia, research head at online brokerage firm 2TradeAsia.com, said. “There is no assurance made on the timing of the Fed’s rate hike,” she said, adding, traders also checked their momentum gauges after seeing the latest drop in turnover.
KRISTYN NIKA M. LAZO