The stock market tumbled Thursday on profit taking and after the US Federal Reserve hinted at a possible December interest rate hike.
The Philippine Stock Exchange Index fell 100.01 points, or 1.4 percent, to 7,189.25 on a value turnover of P6.5 billion.
Robinsons Land Corp. of industrialist John Gokongwei dropped 2.4 percent to P30.25, while sister unit Universal Robina Corp., the biggest snack food maker, declined 2.9 percent to P199.
Major property developer Ayala Land Inc. lost 2.4 percent to P35.70, while BDO Unibank Inc., the largest lender in terms of assets, fell 2 percent to P101.90. Philippine Long Distance Telephone Co., the biggest telecommunications firm, slipped 1.7 percent to P2,250.
The Fed on Wednesday kept interest rates at record lows but expressed faith in the outlook for the world’s top economy, brushing over recent weak spots—such as under-par jobs growth—and focusing on what it called “solid” consumer spending and business investment.
Policymakers dropped a warning from September that the muted global economy could affect the US, even as worries mount about slowing growth in China and falling commodity prices. With AFP
