PSEi sinks below 6,000 on ICTSI sell-off, weak peso

MANILA, Philippines – Local stocks tumbled on Wednesday, pushing the benchmark index below 6,000 as investors dumped heavyweight stocks amid economic concerns and a weaker peso. The Philippine Stock Exchange Index (PSEi) fell 2.20 percent, or 134.85 points, to close at 5,991.37. READ: ANZ: BSP’s inflation fight threatens growth outlook According to Philstocks Financial Inc. research manager Japhet Tantiangco, the market’s decline was largely driven by a sell-off in International Container Terminal Services Inc. (ICTSI), one of the index’s biggest components. ICTSI dropped 5.97 percent during the session, putting significant pressure on the broader market. Tantiangco also said the peso’s […]... Keep on reading: PSEi sinks below 6,000 on ICTSI sell-off, weak peso