Stocks ended in the red this week

Philippine stocks ended in the red this week after US Federal Reserve Chairman Jerome Powell hinted more interest rate increases are likely this year to fight inflation.

The composite Philippine Stock Exchange index slipped 11.36 points, or 0.18 percent, to close at 6,393.55 on Friday.  It was also down 2.63 percent since the start of this year’s trading.

The broader all-shares index also lost 2.94 points to settle at 3,414.75.