PH stocks sold down ahead of Fed meet

MANILA  —Philippine stocks slipped on Monday as investors awaited the results of the next US Federal Reserve’s policy meeting this week.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) eased by 0.83 percent, or 55.41 points, to 6,630.68 while the broader All Shares index was down 0.6 percent, or 20.9 points, to 3,487.71.

“Philippine shares were sold down as funds began to reposition ahead of the month end window dressing and the release of the PSEi rebalancing results,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said on Monday.

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He said fund managers were also preparing to deploy money ahead of a batch of economic releases, including the upcoming US Fed meeting on Wednesday.

All subsectors in the red

All PSE subsectors closed in the red, with mining and oil (-1.32 percent) and holding firms (-0.92 percent) taking the lead.

Meanwhile, a total of 303.6 million shares valued at P4.22 billion changed hands while foreigners were net buyers amounting to nearly P460 million.

BDO Unibank Inc. was the top traded stock as it rose 0.07 percent to P144.90 per share.

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It was followed by SM Investments Corp., down 0.32 percent to P922; Globe Telecom, down 1.16 percent to P1,700; SM Prime Holdings Inc., flat at P33.70; and Bank of the Philippine Islands, down 1.5 percent to P112 per share.

Jollibee Foods Corp. was down 3.86 percent to P264; Universal Robina Corp., up 0.44 percent to P113; AREIT Inc., down 1.56 percent to P31.50; Ayala Corp., down 2.07 percent to P661; and International Container Terminal Services Inc., flat at P236 per share.

Overall, there were 103 losers against 64 advancers while 61 companies closed unchanged, data from the stock exchange showed. INQ