The local stock barometer slipped on Tuesday as regional markets were mostly cautious ahead of the upcoming US central bank policy meeting.
The main-share Philippine Stock Exchange index (PSEi) dipped by 29.61 points, or 0.38 percent, to close at 7,843.41.
“Most Asian equities’ markets traded in a tight range (Tuesday) ahead of a Federal Reserve policy meeting. Investors are expecting a dovish tone from the US central bank,” said Eagle Equities head of research Christopher Mangun.
The US Federal Reserve is set to issue its latest policy stance on March 20 after a two-day policy meeting.
At the local market, Mangun noted that trading volumes picked up slightly but was still below average.
Value turnover for the day amounted to P5.97 billion. There was a modest net foreign selling of P70.34 million.
“The PSEi ended lower as expected after bouncing off resistance at 7,900. Trading volumes continue to remain thin as investors stay cautious. We may continue to see the index retreat and test support at 7,700 until the end of the week,” Mangun said.
There were 104 decliners that edged out 89 advancers while 44 stocks were unchanged.
The PSEi was weighed down most by RRHI, which fell by 4.65 percent after announcing a muted core profit growth of 6.2 percent in 2018. —DORIS DUMLAO-ABADILLA