PHILIPPINE SHARES sank to the 6,300 level on Thursday to hit an over five-month low amid a global sell-off after the US Federal Reserve signaled fewer rate cuts ahead due to inflation concerns.
The Philippine Stock Exchange index (PSEi) dropped by 1.13% or 73.48 points to close at 6,395.60, while the broader all shares index fell by 0.76% or 28.25 points to 3,671.75.
Thursday’s finish was the PSEi’s worst close in more than five months or since it ended at 6,358.96 on July 2.
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