7,000 proves slippery for PSEi as investors gauge Fed plans

Local stocks struggled to hold on to previous gains as the benchmark Philippine Stock Exchange index (PSEi) fell below 7,000 anew after the US Federal Reserve announced an expected interest rate hike.

By the closing bell, the PSEi shed 0.70 percent, or 49.57 points, to 6,986.19 while the broader All Shares index slipped 0.09 percent, or 3.39 points, to 3,683.78.

The US Fed raised the key interest rate by 25 basis points overnight. While this was in line with expectations, investors remain wary about future increases after the Fed gave no indication of a rate hike pause in the coming months.

Trading activity remained robust on Thursday as 1.3 billion shares valued at P8.93 billion changed hands while foreign buyers narrowly outpaced sellers by P96.44 million.

Property stocks and holding firms pulled back 1.65 percent and 1.59 percent, respectively. Mining and oil jumped 3.04 percent, followed by services (+0.75 percent), industrial (+0.24 percent) and financials (+0.2 percent).

Ayala Land Inc. was the top traded stock as it sank 2.46 percent to P29.75 per share.

It was followed by Universal Robina Corp., up 3.04 percent to P148.90; BDO Unibank Inc., up 0.24 percent to P125.50; UnionBank of the Philippines, flat at P97; and Robinsons Land Corp., up 3.71 percent to P16.20.

Overall, there were 114 advancers against 67 decliners while 56 companies closed unchanged, stock exchange data showed.