PSEi tumbles as banking crisis haunts ahead of Fed meet
MANILA -The benchmark Philippine Stock Exchange index (PSEi) slumped on Wednesday ahead of a key interest rate decision by the US Federal Reserve.
By the closing bell, the PSEi retreated 0.99 percent, or 66 points, to 6,606.69 while the broader All Shares index shed 0.61 percent, or 21.51 points, to 3,525.18.
“Philippine shares traded in the red on fears of a possible regional banking sector contagion ahead of the Fed’s rate decision,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Wednesday.
“The Fed’s two-day policy meeting, which kicked off Tuesday, is expected to conclude with the central bank announcing another 25-basis point hike on Wednesday,” he added.
A total of 567.97 million shares valued at P4.92 billion changed hands on Wednesday while foreigners were net sellers of an amount totaling P120.1 million.
The mining and oil index was the sole gainer as it added 0.56 percent.
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