MANILA, June 2 (PNA) — Local share prices fell sharply again in thin trading to the 7,500 level on Tuesday after the Federal Reserve made indications toward an interest rate hike.
The bellwether Philippine Stock Exchange index (PSEi) declined 118.41 points or 1.54 percent to 7,551.96 from previous day’s 7,670.37 close.
DA Market Securities said investors weighed data to try to guess how soon the Fed might raise interest rates.
Online brokerage 2TradeAsia.com said concerns over International Monetary Fund’s review on the country’s growth prospects also weighed on aggressive buying.
All counters lost significantly, except mining and oil that surged 0.97 percent.
Trade volume was thin at 311.48 million shares valued at Php4.58 billion.
Decliners dominated advancers, 95 to 61, while 41 issues were unchanged. (PNA)