The local stock market continued to fall on concern over interest rates and the peso.
“Philippine shares started softly as many investors will be awaiting the outcome of the respective central bank meetings this week,” said Regina Capital Development Corporation Managing Director Luis Limlingan. He noted that, “Regionally the most awaited by Wall Street is the Fed’s Sept. meeting on Wednesday, where the consensus expects a 75bp rate hike announcement.”
Philstocks Financial Assistant Research Manager Claire Alviar said “The local market returned to 6,400 levels while investors anticipate the possible aggressive policy rate hike of both the Federal Reserve and the Bangko Sentral ng Pilipinas .” She addex that, “Also, a wider balance of payments deficit expectation of the BSP weighed on sentiment as this may weaken the peso further.”
Marcos in....Investors out