Stocks drop on lower IMF forecast

Philippine shares dropped below the index’s 7,200-point support level on Wednesday, tracking global markets’ negative sentiment following the downward revision of the International Monetary Fund’s (IMF) economic forecast for global economies.

The benchmark Philippine Stock Exchange index (PSEi) dropped 53.70 points or 0.74 percent to close at 7,185.68. The wider All Shares index likewise lost 22.38 points or 0.52 percent to end at 4,255.73.