The benchmark PSEi fell below the 7,000 level on Friday as local sentiment sank alongside regional equities while early first quarter financials from major banks failed to prop up the market.
The PSEi extended losses by 0.89 percent, or 62.90 points, to 6,998.59 while the broader all-shares index shed 0.82 percent, or 30.94 points, to 3,721.60.Sy-led BDO Unibank Inc. disclosed that first quarter net income rose 13 percent, while the Ayala Group’s Bank of the Philippine Islands earlier announced that profits were up 59.6 percent from January to March this year.
Asian shares were down while premarket data from Wall Street pointed to a lower opening due to worries over aggressive rate hikes by the US Federal Reserve as it battles record high inflation.
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