Persistent worries about further interest rate hikes in the US next year continued to plague Philippine stocks on Thursday, dragging the benchmark PSEi back to the 6,500-point territory.
After plunging to an intraday of 6,564.14, the PSEi closed the session down 1.48 percent or 99.19 points at 6,587.17. The wider All Shares declined by 1.22 percent or 49.94 points to 4,036.50.
Leonardo R. Arguelles Jr., Unicapital Securities Inc. president, said investors were disturbed by the “uncertainties” in both global and local arenas in the absence of positive catalysts in the run-up to 2017.
“There are persistent uncertainties, both globally and locally, leading to an exodus of foreign funds. Plus, there are also higher interest rates and other upcoming hikes next year heightening risk-off stance by investors pulling their funds out of the markets,” Arguelles told The Manila Times.
All sectoral indices were in the red side, led by Industrial with a 2.004-percent loss.
SM Prime Holdings Inc. was the sole gainer among the actively traded stocks. Metro Pacific Investments Corp., BDO Unibank Inc., Universal Robina Corp. and Aboitiz Equity Ventures Inc. closed the session in the red.
More than 624.012 million, valued at P6.61 billion, changed hands. Decliners outpaced advancers, 123 to 43, while 46 issues were unchanged.
On Wednesday, the benchmark PSEi advanced by 0.41 percent or 27.70 points to 6,686.36, while the All Shares rose by 0.33 percent or 13.59 points to 4,086.44.