The benchmark Philippine Stock Exchange index (PSEi) continued to consolidate at the 6,500 level before the outcome of critical interest rate setting meetings in the United States and the Philippines are concluded over the next two days.
The PSEi shed 0.04 percent, or 2.82 points, to 6,582.38 while the broader All Shares index slipped 0.16 percent, or 5.34 points, to 3,431.65.
Trading activity was also stable as 705.24 million shares valued at P5.42 billion changed hands while foreigners were net sellers to a tune of P434.87 million.
The influential US Federal Reserve (US Fed) will hold its meeting on Wednesday, when it was expected to raise rates by another 50 basis points (bps).
This would likely set the tone for the Bangko Sentral ng Pilipinas’ meeting scheduled on Thursday.
Mike Enriquez, president of Sun Life Investment Management and Trust Corp., said on Tuesday the US Fed was expected to continue raising rates through the first half of 2023.
“A 50-bp hike is expected for this month. Two meetings will follow in 2023 with the same expected hike (50 bps) for each meeting,” briefing materials from the Philippine-based investment firm showed on Tuesday.
Meanwhile, PSE subsectors ended mixed with property, financials and services gaining ground while mining and oil, holding firms and industrial stocks tumbled.