PSEi flat ahead of US Fed’s move

The local bourse barely moved on Thursday as traders remained cautious ahead of the American central bank’s monetary policy stance, which could influence movement at home.

The benchmark Philippine Stock Exchange Index (PSEi) closed flat as it lost 0.02 percent, or 1.36 points, to 6,641.35.

Likewise, the broader All Shares Index went down by 0.07 percent, or 2.48 points, to close at 3,756.07.

READ: PSEi slides on disappointing economic data

A total of 589.05 million shares worth P6.18 billion changed hands, stock exchange data showed. More foreigners opted to shed shares than buy, with foreign outflows totaling P381.81 million.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said that investors were taking the backseat before the US Federal Reserve announced its latest policy stance next week.

Investors highly anticipate the Fed’s moves, as the Bangko Sentral ng Pilipinas tends to mirror its American counterpart’s stance.

According to Limlingan, experts are optimistic about another rate cut in the United States after inflation climbed.

Locally, subsectors were mixed. Property firms saw the steepest decline, while traders snapped up the shares of services-related companies the most.

BDO Unibank Inc. was the most actively traded stock as it dipped by 3.14 percent to P148.2 per share.

It was followed by International Container Terminal Services Inc., up 1.8 percent to P395; Ayala Land Inc., down 0.92 percent to P26.95; Bank of the Philippine Islands, up 3.54 percent to P134.60; and Universal Robina Corp., down 0.19 percent to P77.5.

Also actively traded were shares of SM Investments Corp., up 1.86 percent to P903. —Meg J. Adonis