Peso, stock market edge down ahead of expected Fed rate cut

THE peso and stock market slipped on Wednesday as investors awaited the results of a US Federal Reserve meeting.The currency edged down by two-and-a-half centavos to P55.72 against the dollar while the benchmark Philippine Stock Exchange index , which hit an intraday high of 7,219.17, ended the day down 19.46 points, or 0.27 percent, to 7,155.90.The broader All Shares shed 2.21 points, or 0.06 percent, to close at 3,847.96.The peso opened at P55.8:$1 and ranged from P55.715 to P55.865.

senior research analyst Japhet Tantiangco, meanwhile, said 'last-minute profit-taking sent the local market lower this Wednesday.''Investors booked gains following the bourse's two-day rally,' he added.'Investors also took a cautious stance while waiting for the Federal Reserve's policy decision.'Tantiangco noted that net value turnover, at P5.65 billion, was higher than the year-to-date average of P5.04 billion.

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