PSEi ends marginally lower

The local stock barometer ended flat Friday as investors braced for the upcoming speech of US Federal Reserve Chair Janet Yellen as well as a long local weekend break.

The main-share Philippine Stock Exchange index (PSEi) lost 9.05 points or 0.12 percent to close at 7,845.49, in line with another day of cautious trades across the region. For the week, the PSEi shed 85.26 points or 1 percent.

The local market will be closed on Monday (Aug. 29) in observance of National Heroes Day. Ahead of the long weekend, some investors chose to lock up recent gains especially while awaiting fresh signals from the US Fed.

Citigroup said in a research note Friday that investors across the region were focused on Yellen’s speech at the Jackson Hole symposium, an annual gathering of policymakers.

“The backdrop of generally hawkish Fed speak that has pushed Fed (interest rate) hike expectations for this year to about 65 percent from about 40 percent earlier this month. Investors will closely watch for cues on Fed chair’s thinking to fine-tune the trajectory of Fed rate hike,” Citi said. Doris Dumlao-Abadilla