PH shares close lower on Fed decision

MANILA, Philippines–The Philippine Stock Exchange index (PSEi) on Wednesday faltered ahead of the US Federal Reserve’s policy decision.

The main-share PSEi lost 32.52 points, or 0.42 percent, to close at 7,756.58.

The decline was led by the services counter, which plunged by 2 percent. This was weighed down by PLDT, which slid by 2.99 percent. A stock dealer said the telco’ s price was likely adjusting to a dividend payout.

Another notable decliner was Bloomberry, which fell by 4.34 percent as investors sold on news that it had acquired a hotel-casino property and an island in South Korea.

ICTSI and property firms ALI and Megaworld posted losses by over 1 percent.

EDC, SM Prime and AP also contributed to the decline.

On the other hand, JGS and AGI respectively gained 2.18 percent and 1.33 percent.

URC, Metrobank, AC, BDO, GTCAP, Emperador and Jollibee also firmed up.–Doris C. Dumlao