Stocks close lower as markets wait for US Federal Reserve meeting on bond-buying
The local stock index on Wednesday dipped as regional markets awaited the next move of the US Federal Reserve.
The local stock index on Wednesday dipped as regional markets awaited the next move of the US Federal Reserve.
Most local stocks firmed up for a second session in the row as regional markets stabilized ahead of a crucial US Federal Reserve open market committee meeting this week.
Foreign funds are pulling out of regional stock markets in anticipation of reduced monetary stimuli from major central banks, sending the local stock barometer to unprecedented freefall and wiping out most of the gains for the 2013.
Foreign funds are pulling out of regional stock markets in anticipation of reduced monetary stimuli from major central banks, sending the local stock barometer to unprecedented freefall and wiping out most of the gains for the 2013.
Stocks extended their losses to a third straight session, with the main benchmark index dropping 115.58 points, or 1.73 percent, to 6,557.89 on continued profit-taking. But analysts noted that a bottom might soon be approaching.
The local stock barometer slid below the 7,100-mark on Monday as investors pocketed recent gains ahead of the release of the country’s first quarter economic growth data and amid rising jitters on the US Federal Reserve’s stimulus program.
Philippine stocks ended in the green for a second straight session, bringing it closer to the index’s previous all-time high on May 15, but some analysts remained unconvinced that this was the start of a new uptrend.
Asian shares rose on Monday reflecting a bullish mood on Wall Street and extending their two-week rally, buoyed by better-than-expected US data.
The 15-member Philippine Stock Exchange board led by bourse chairman Jose Pardo and president Hans Sicat obtained a new mandate from stockholders for a fresh one-year term as guardians of the bullish local stock market.
The local stock barometer slipped for a second straight session Friday amid a brewing Philippine-Taiwan row alongside some profit-taking and portfolio realignment.
Investors loaded up on stocks of big local companies on Tuesday in the aftermath of the country’s mid-term elections, bringing the main index beyond the 7,300-mark for the first time.
Financial markets in the Philippines will be closed on Monday for a public holiday.
