Wall Street jitters pull down PSEi

The PSE financials subsector was under pressure as it slipped 1.25 percent.

“Philippine shares closed slightly in the red, weighed by financial stocks as investors grew increasingly concerned that higher interest rates would result in banks facing losses on loans due to borrower defaults,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Friday.Industrial and holding companies also tumbled while services, property and mining and oil rose.

A total of 798.7 million shares valued at P8.77 billion changed hands while foreigners continued to sell stocks by a net amount of P142.67 million.SM Prime Holdings Inc. was up 2.15 percent to P35.70 while Globe Telecom was up 1.11 percent to P1,820. Overall, there were 119 losers against 57 advancers while 45 companies closed unchanged, stock market data showed.Subscribe to our daily newsletter

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