PSEi down 1.47% on concerns about US interest rate

MANILA, Sept. 28 (PNA) — Local share prices retreated for fifth day to 6,800-level on Monday after Federal Reserve chair Janet Yellen signaled a hike in United States interest rates will be possibly raised later this year.

The barometer Philippine Stock Exchange index (PSEi) plunged 101.96 points or 1.47 percent to 6,815.59 from Friday’s 6,917.55 finish.

In a report, local brokerage firm RCBC Securities Inc. said investors worry about US higher interest rates suggesting that “emerging markets may likely see foreign investment outflows by the end of the year.”

It said weak data from China also added fuel to the fire as China’s August industrial profits tumbled.

Almost all counters lost significantly, with the most battered were industrial, holding firms and financial.

Volume of transactions was thin at 959.69 million valued at PhP5.71 billion.

Decliners swamped advancers, 116 to 60, while 43 issues unchanged. (PNA)