PSEi tumbles ahead of US Fed policy meeting

The local stock barometer tumbled sharply Monday, sliding to the 6,800 level, as investors dumped large-cap stocks ahead of the US Federal Reserve meeting.

The main-share Philippine Stock Exchange index (PSEi) shed 174.27 points or 2.47 percent to close at 6,868.89.

Elsewhere in the region, trading was sluggish ahead of the Dec. 13-14 US Fed meeting, which is widely expected to result in an increase in US interest rates.

China’s stock market also tumbled sharply over concerns on the property market and new limits on insurance firms’ stock exposure.

At the local market, the day’s decline was led by the property, financial and services counters, which all fell by more than 2 percent. The industrial and holding firm counters lost 1 percent. Only the mining/oil counter firmed up.

Value turnover for the day amounted to P6.27 billion. There were 108 decliners that edged out 82 advancers while 40 stocks were unchanged.

Investors dumped shares of Ayala Land and URC, which both declined more than 5 percent, while PLDT, BPI and JG Summit all fell by more than 4 percent.