Challenging 2022 trading year ends; index closes in the red

The country’s benchmark Philippine Stock Exchange index (PSEi) sputtered on the last trading day of 2022, capping off a challenging year for stock market investors with another red session and an annual drop of 7.8 percent. | miguelrcamusINQ /PDI

“Both interest rates and inflation have yet to peak. That’s why you are stuck at the 6,500 level. There is no impetus for the [PSEi] to go beyond 6,800 or close to 7,000,” Jonathan Ravelas, a veteran stock market analyst and financial strategy consultant at e-Methods for Business Management Corp., told the Inquirer on Thursday.

Investors were also wary about the reopening of borders in China as the country’s COVID-19 infections soar.

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