Philippine stocks were down by more than 4 percent Thursday noon, picking up the slumping trend in Asian markets.
The Philippine Stock Exchange index (PSEi) stood at 6,252.46, losing 304.19 points, a 4.64 percent drop from last Tuesday.
All over Asia, markets dived Thursday, with Tokyo’s Nikkei losing more than five percent and the dollar hitting a two-month low against the yen, on expectations that central bank easing measures will soon come to an end.
Dealers ran for cover following a sell-off on Wall Street, with the US Federal Reserve in focus ahead of a policy meeting next week that many fear will herald the end of its $85 billion-a-month bond-buying.
Tokyo slumped 5.64 percent in early trade, Hong Kong shed 2.26 percent, Sydney fell 1.17 percent and Shanghai lost 2.22 percent while Seoul skidded 0.87 percent.
Sentiment has been battered this week after Japan’s central bank held off unveiling any new monetary easing measures to cool volatility in the markets.
It also reignited traders’ fears, which have been growing for several weeks, about the so-called quantitative easing by the Fed as the US economy shows signs of improving.
Fed chief Ben Bernanke unveiled the scheme in September, saying the bank would continue to print money until the world’s biggest economy was strong enough to stand on its own two legs.
FY and AFP