PSEi plunges 1.04% in morning trade

Philippine share prices lost more than 1 percent during the morning session on Wednesday, weighed by concerns about the faster pace of interest rate hikes in the US.

The benchmark PSEi slipped by 89.06 points or 1.04 percent to 8,503.32 by the noon recess. The broader All Shares declined by 34.20 points or 0.67 percent to 5,084.53.

“The PSEi was tracking the US sell-off following Fed chair’s comments that spurred market speculation on possible faster rate hike,” IB Gimenez Securities Inc. head of research Joylin Telagen told GMA News Online.

US stocks suffered their biggest daily drop since the selloff three weeks ago after comments from Federal Reserve Chairman Jerome Powell revived fears about more interest-rate increases than expected this year, according to a report by Reuters.

Powell gave an upbeat view on the US economy and said data has strengthened his confidence on inflation. Traders boosted bets the central bank will squeeze in a fourth rate hike this year following the remarks. —VDS, GMA News