PHILIPPINE shares have succumbed to heavy selling pressure on Thursday as investors cashed in out gainsamid concerns about the US presidential elections and the potential US interest rate hike in December. The benchmark PSEi declined by 1.26 percent or 91.49 points to 7,160.91, while the wider All Shares decreased by 0.90 percent or 39.06 points to 4,287.77. “The US market continued on to its 7th day of drop on worse-than-expected employment data, while political concerns linger and Fed holds back rate hikes,” Limlingan said. Much of the focus from the Fed statement fell upon one sentence that was slightly changed from September,” he added. On Wednesday, the PSEi fell by 2.06 percent or 152.40 points at 7,252.40, while the All Shares index declined by 1.63 percent or 71.75 points at 4,326.83.

Source: Manila Times November 03, 2016 16:21 UTC