MANILA -The benchmark Philippine Stock Exchange index (PSEi) slumped on Wednesday forward of a key rate of interest choice by the US Federal Reserve.
By the closing bell, the PSEi retreated 0.99 %, or 66 factors, to six,606.69 whereas the broader All Shares index shed 0.61 %, or 21.51 factors, to three,525.18.
“Philippine shares traded in the red on fears of a possible regional banking sector contagion ahead of the Fed’s rate decision,” Luis Gerardo Limlingan, head of gross sales at inventory brokerage home Regina Capital Development, mentioned in a observe to buyers on Wednesday.
“The Fed’s two-day policy meeting, which kicked off Tuesday, is expected to conclude with the central bank announcing another 25-basis point hike on Wednesday,” he added.
A complete of 567.97 million shares valued at P4.92 billion modified palms on Wednesday whereas foreigners had been web sellers of an quantity totaling P120.1 million.
The mining and oil index was the only gainer because it added 0.56 %.
—Miguel R. Camus
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