The Philippine Stock Exchange index (PSEi) weakened to a new one-year low on Wednesday as investors continued to sell off their positions amid uncertainties brought about by a slew of factors from inflation to rate hike plans.
The benchmark PSEi fell by 1.86 percent, or 117.19 points, to finish at 6,168 while the broader All Shares index dropped 1.2 percent, or 40.32 points, to close at 3,328.35.
PSEi has plunged by about 18 percent from its recent high of 7,552.20, moving it much closer to the bear market territory at 6,041.76.
Philstocks Financial, Inc. senior research analyst Japhet Louis Tantiangco said investors remained worried over the same issues that have affe…
Keep on reading: PSEi plunges to one-year low as investor uncertainties grow