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MANILA – The Philippines’ major stock index ended its three-day run on Thursday, similar to its peers in the United States and the region, which were hit by inflation fears, but the peso remained unchanged against the US dollar.

The Philippine Stock Exchange index (PSEi) fell 1% to 6,660.05 points or 67.55 points.

The Dow Jones Industrial Average fell 0.62 percent, or 22.28 points, to 3,567.78 points.

Holding Firms, 1.84 percent; Property, 1.54 percent; and Services, 1.20 percent, were the sectoral gauges that mirrored the main index.

Mining and oil, on the other hand, increased by 1.41 percent, while financials increased by 0.53 percent and industrials increased by 0.20 percent.

A total of 1.69 billion shares worth PHP8 billion were traded.

At 105 to 79, decliners outnumbered advancers, with 36 shares remaining unchanged.

Most regional indexes had their largest dip since 2020, according to Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

He explained, “The move occurred after big-box retail earnings suggested inflation was hurting on earnings.”

“Both Target and Walmart indicated greater gasoline costs and limited consumer demand in 1Q22, affecting their 1Q22 earnings amid the highest inflation in decades,” he said, citing reports.

He said that because the news was made shortly after the market closed, the local stocks market did not respond to the 25 basis point hike in the Bangko Sentral ng Pilipinas (BSP) main policy rates, to 2.25 percent for the overnight reverse repurchase (RRP) rate.

According to him, this is the first hike in the BSP rate since November 2018.

“The central bank had been maintaining a loose and expansionary monetary policy stance for more than a year when it gave an unexpected 25 basis point (basis point) decrease to give economic recovery from the pandemic-induced recession more impetus,” he said.

The peso finished flat versus the US dollar at 52.45, despite the main stocks index closing down.

It started the day at 52.41 and fluctuated between 52.47 and 52.3 during the day. For the day, the average level was 52.39.

Volume increased to USD1.12 billion from USD805.9 million the day before.

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