The benchmark Philippine Stock Exchange index (PSEi) declined by 82.23 points or 1.26% to close at 6,414.27 on Monday, while the broader all-shares index lost 32.82 points or 0.96% to 3,367.31. READ:
LOCAL stocks closed lower on Monday, mirroring Wall Street’s decline amid recession fears and as investors priced in the news of a budget overrun in PLDT, Inc.
Wall Street declined for a third straight session on Friday as fears that the central bank’s campaign to fight inflation would tilt the economy into a recession, Reuters reported. In a disclosure on Friday, PLDT announced that it found an estimated budget overrun of no more than P48 billion, which represents 12.7% of the total capital expenditure spent in four years.
Most of the sectoral indices closed lower on Monday except property, which increased by 32.7 points or 1.17% to end Monday’s session at 2,823.60.
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