PSEI falters amid wait for US Fed’s next move

Philippine shares failed to sustain momentum on Tuesday, the last trading day of the month, as investors anticipated latest interest rate policy data from the United States.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) declined by 1.02 percent, or 69.15 points, to 6,700.49.

The broader All Shares Index likewise went down by 0.49 percent, or 17.34 points, to 3,525.94.

A total of 1.5 billion shares valued at P22.28 billion changed hands, stock exchange data showed. This is significantly higher compared with the previous days.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said shares fell after the index failed to continue its strong rally the previous day.

At the same time, Wall Street stocks rose ahead of the US Federal Reserve’s policy rate meeting.

Mikhail Plopenio, researcher at Philstocks Financial Inc., also said the local market snapped its six-day rally as investors booked profits.

“The bourse struggled to have a clear direction early in the day before heavy selling occurred near the closing bell. This reflected the cautiousness of the investors throughout the session,” he added.

Locally, property firms lost the most—1.99 percent—as Sy family-led SM Prime Holdings Inc. and the Zobels’ Ayala Land Inc. (ALI) both fell.

International Container Terminal Services Inc. was the top-traded stock as it went down by 1.55 percent to P331 each.

It was followed by Bank of the Philippine Islands, down 1.16 percent to P127.50; BDO Unibank Inc., down 1.07 percent to P148.20; SM Prime, down 2.95 percent to P27.95; and ALI, down 2.54 percent to P28.75 per share.

SM Investments Corp. also declined by 1.96 percent to P950; Manila Electric Co., up 0.54 percent to P369; Metropolitan Bank and Trust Co., unchanged at P70; Universal Robina Corp., down 1.62 percent to P103.20; and Ayala Corp., up 0.9 percent to P615 per share. —Meg J. Adonis INQ