Philippine stocks pulled backed on the last trading day of the week on hawkish comments from US Federal Reserve chair Jerome Powell.
The Philippine Stock Exchange index slipped by 26.33 points, or 0.43 percent, to close at 6,161.89, while the broader all-shares index dipped 12.52 points, or 0.38 percent, to settle at 3,316.86.
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“Philippine shares finally succumbed to profit-taking after Fed Chair Jerome Powell said bank is ‘not confident’ it has done enough in the battle against inflation,” Regina Capital Development Corp. head of sales Luis Limlingan said.
US bond yields also moved higher as equities fell on Powell’s speech.
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