PSEi flat ahead of US Fed meeting

THE LOCAL stock barometer was flat on Wednesday, tracking caution across regional markets as investors fretted about monetary stimulus from major central banks.

The Philippine Stock Exchange index shed 4.26 points or 0.06 percent to close at 7,546.01, declining for the third straight session.

The PSEi was weighed down most by the holding firm, services, mining/oil and property counters. On the other hand, the financial and industrial counters were a tad higher.

Value turnover for the day amounted to P8.9 billion. There were 67 advancers which were edged out by 110 decliners while 50 stocks were unchanged.

Foreign investors were net sellers for the 15th straight session amounting to P1.6 billion for the day.

ALI, GTCAP and MPI all declined by over 1 percent while Security Bank, AC, BPI, PLDT, SMIC, BDO and RLC also declined.

The PSEi’s decline was tempered by the gains eked out by SM Prime, metrobank, URC, JG Summit and Globe which all rose by over 1 percent. Meralco was also slightly higher.

Across the region, trading was sluggish ahead of the Federal Reserve and Bank of Japan meetings next week. Investors have been worried over when the US Fed, for instance, would next hike interest rates given mixed views among US Fed officials.