dear subscriber.
Our market was showing signs of revival but unfortunately, volatility started ahead of the Ghost month. The Culprit to these global uncertainties is the sudden devaluation of the Turkish Lira against the dollar. The Lira plunges 35% against the dollar which affected global investors.
what caused the Lira's devaluation?
after Turkey refuse to release Pastor Brunson, US gave turkey Double tariff sanction hence increasing importation cost of US products. Present Turkey's inflation reached 15% hence massively affecting the poor. Turkey criticized US for weaponizing the US dollar against them.
Aware of the global uncertainty, Banko Sentral ng Pilipinas released a statement that they enough dollar reserves to manage this crisis.
Please be aware that global events affect the emerging markets particularly our PSE.
God bless and Good Luck,