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Stocks recover from early losses after Fed rate hike

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The local stock market managed to recover early losses to close almost flat as the US Federal Reserve’s rate hike was as expected.

The main index shed 1.21 points or 0.02 percent to close at 6,677.92 with sectoral indices evenly divided. Volume declined to 480 million shares worth P3.83 billion as gainers outpaced losers 89 to 73 with 57 unchanged.

He added that, “Remarks from Chair Jerome Powell hinted the central bank could also hold rates steady at these levels, and suggested that the FOMC will remain data-dependent.“ “At home, Moody’s Investors Service’s statement that the slow pace of investment growth in the country could affect economic growth also added to concerns,” he noted.

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