PSEi skids to 7700 level after Aug inflation data
THE stock market fell to the 7,700 territory in early trading Wednesday following the release of higher- than-expected August inflation data.
As of 11:33 a.m., the benchmark Philippine Stock Exchange index (PSEi) was down 1.62 percent or 127.42 points at 7,754.40 while the wider All Shares was down 1.35 percent or 64.88 points at 4,730.98.
Regina Capital Development Corp. head of sales Luis Limlingan said investor sentiment took a hit following the higher-than-expected inflation result for August.
The Philippine Statistics Authority announced on Wednesday that inflation in August accelerated to a fresh nine-year peak of 6.4 percent, surpassing the 5.9-percent forecast of the Bangko Sentral ng Pilipinas (BSP) and the Department of Finance.
It also exceeded the 5.8-percent average in a poll of economists by The Manila Times.
Year-to-date headline inflation was at 4.8 percent, remaining above the BSP’s 2.0-4.0 target range for 2018.
Limlingan said the latest inflation figures now point to a possible new rate hike during the next Monetary Board meeting on September 27.
All sectoral results were in the red, with holding firms down 1.93 percent. ANGELICA BALLESTEROS
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