PSEi treads water as investors brace for Fed rate hike
MANILA – Philippine stocks were little changed on Wednesday as investors brace for anticipated interest rate adjustments by the US Federal Reserve later in the day.
The benchmark Philippine Stock Exchange index (PSEi) rose 0.24 percent, or 15.52 points, to 6,546.27 while the broader All Shares index was up 0.19 percent, or 6.47 points, to 3,499.97.
“Investors are looking forward to the latest update from [US Federal Reserve], at the conclusion of its two-day policy meeting on Wednesday. Most investors expect the central bank to stay committed to its tightening and raise rates by 25 basis points,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors.
PSE subsectors ended mixed with holding firms and mining and oil moving lower while services, financials, industrial and property climbed.
Volume remained relatively weak as investors stayed on the sidelines. A total of 413.6 million shares valued at P4.2 billion changed hands while foreigners were net sellers amounting to P9.87 million, data from the stock exchange showed.
SM Investments Corp. was the top traded stock as it closed flat at P900 per share.
It was followed by PLDT Inc., up 4.46 percent to P1,381; SM Prime Holdings Inc., down 0.15 percent to P33.95; Ayala Land Inc., up 0.71 percent to P28.20; and Globe Telecom, up 1.21 percent to P1,838 per share.
BDO Unibank Inc. was up 1.77 percent to P126.20; Jollibee Foods Corp., up 1.16 percent to P227; Bank of the Philippine Islands, up 0.88 percent to P103.70; Robinsons Land Corp., up 3.31 percent to P14.34; and Universal Robina Corp., up 0.71 percent to P141 per share.
Overall, there were 98 gainers against 77 losers while 49 companies closed unchanged, stock market data showed. INQ
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