Stocks to move sideways ahead of US CPI, Fed - BusinessWorld Online

The 30-member Philippine Stock Exchange index lost 149.22 points or 2.23% to close at 6,525.16 on Wednesday, while the broader all shares index decreased by 51.86 points or 1.49% to end at 3,425.86.

“The market closed at 6,525 on Wednesday after a very rocky week start ahead of the holiday,” AP Securities, Inc. Equity Research Analyst Carlos Angelo O. Temporal said in a Viber message. Regina Capital Development Corp. Head of Sales Luis A. Limlingan said the downward trend in the market in two of the last three trading sessions was caused by worries over the Fed’s next move.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the PSEi has so far corrected lower by 3.8% for the month of December. For Friday, Mr. Temporal said investors’ focus will shift to US consumer price index data to be released on Dec. 12, which is expected to be a key consideration in the Fed’s upcoming meeting.

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Stocks climb on positive sentiment, Fed bets - BusinessWorld OnlineSTOCKS climbed on Tuesday, snapping a three-day losing streak, as investors remained bullish on the Philippines’ prospects, even with inflation hitting a 14-year high last month and on expectations of smaller US Federal Reserve rate hikes.
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