Stocks down on US rate hike fears
The local stock barometer slipped Tuesday, tracking sluggish commodities and regional markets ahead of the two-day US Federal Reserve meeting and the Philippine presidential elections.
The main-share Philippine Stock Exchange index (PSEi) lost 38.21 points or 0.53 percent to close at 7,211.92.
Luis Gerardo Limlingan, managing director at Regina Capital, said the local market was weighed down by the decline in oil prices following reports of stockpiling in Oklahoma, USA.
At the same time, he noted that the market was on a “waiting mode for the FOMC (Federal Open Market Committee) meeting.”
Other dealers said political uncertainties ahead of the
Philippine elections were also dragging the local markets.
Value turnover for the day amounted to P10.09 billion. There were nearly thrice as many decliners for every single gainer.
Investors dumped shares of PLDT, which fell by 3.72 percent, while BDO and Megaworld both lost more than 1 percent.
Jollibee, Ayala Corp., SM Prime, SMIC, Globe and JG Summit also declined.
Outside of PSEi stocks, notable decliners were PSE (-1.39 percent), Xurpas (-2.08 percent) and NOW (-6.16 percent).
Xurpas shares fell as controlling shareholders pared their interest in a partial “top-up” equity offering.
On the other hand, URC gained 2.24 percent while MPI rose 1.22 percent. Meralco and ALI also firmed up. Doris Dumlao-Abadilla
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.