PSEi tumbles; property stocks take beating

Philippine stocks closed lower on Thursday with property shares taking a beating amid concerns over inflation and rising interest rates. The benchmark Philippine Stock Exchange index (PSEi) tumbled 1.52 percent, or 102.22 points, to 6,609.27 while the broader All Shares index fell 1.02 percent, or 36.47 points, to 3,549.19. Large developers such as Ayala Land Inc., Robinsons Land Corp. and SM Prime Holdings slid lower on Thursday. This was after Jerome Powell, chair of the powerful US Federal Reserve, warned that interest may go higher for an extended period of time, which could also prompt the Bangko Sentral ng Pilipinas to match the hikes. Jonathan Ravelas, managing directo...

Keep on reading: PSEi tumbles; property stocks take beating

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