PSEi weakens as Fed hikes loom

The Philippine Stock Exchange index (PSEi) weakened by 0.30 percent on Friday due to anticipation of Federal Reserve rate hikes and reports of strong economic growth in both the Philippines and US.

Despite the decline, the peso strengthened against the US dollar.

On Thursday, the PSEi had risen by 0.27 percent after the government reported that the Philippine economy expanded above target in Q4 2021 with a 7.7% growth rate, exceeding forecasts.

Most sectoral counters finished mixed on Friday, with Financials and Industrial sectors showing gains while Property and Services declined.