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Local stocks extend losses

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Philippine stocks fell for a fourth day, but the benchmark index managed to stay above the 6,000 level, as investors

The Philippine Stock Exchange index slipped 6.93 points, or 0.12 percent, to close at 6,041.04 Wednesday, while the broader all-shares index lost 2.64 points, or 0.08 percent, to settle at 3,271.66.

Regina Capital Development Corp. head of sales Luis Limlingan said Philippine shares edged lower as Wall Street geared up for the latest interest rate decision and economic update from the Fed. “The Fed is widely expected to hold rates steady, but investors will be paying close attention to the summary of economic projections and the press conference of US Fed chair Jerome Powell for clues about that might happen in the months ahead,” Limlingan said.

Rizal Commercial Banking Corp. chief economic Michael Ricafort said the Asian Development Bank’s downward revision of its Philippine gross domestic product growth estimate for 2023 to 5.7 percent from 6 percent also contributed to the market’s negative sentiment.

 

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