US budget, debt issues drag down PSEi

The Philippine Stock Exchange index (PSEi) started the week with sudden decline to 6,100 points, on the same concerns from last week particularly the United States (US) budget and debt ceiling.

Those concerns will likely last until the middle of this month, unless the US government resolves them. The local benchmark stocks slid by 2.95 percent, or 188.01 points to 6,191.80, while all-shares index also went down by 2.16 percent, or 83.02 points to 3,758.23.