PHL stocks may decline before Fed, BSP meetings - BusinessWorld Online

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The Philippine Stock Exchange index (PSEi) slipped by 26.90 points or 0.4% to close at 6,548.77 on Friday, while the broader all shares index went down by 22.49 points or 0.64% to 3,474.41. READ:

The Philippine Stock Exchange index slipped by 26.90 points or 0.4% to close at 6,548.77 on Friday, while the broader all shares index went down by 22.49 points or 0.64% to 3,474.41.“The local bourse lost steam midweek onwards, mimicking Wall Street’s weakness after US inThe US consumer price index rose in August amid rising rent and healthcare costs, strengthening the case for another aggressive Fed rate hike this week.ation edged up by 0.1% to 8.3% last month after being unchanged in July.

“Philippine stocks slid [on Friday] following the latest FTSE rebalancing and after investors digested a couple of “Initial jobless claims came in better than expected, but import prices dropped less than estimated. Retail sales beat expectations but were negative when excluding autos. Manufacturing data also showed a slowing economy,” Mr. Limlingan added.

“We may see episodes of bargain hunting as the market lies at attractive levels. However, the general mood is still expected to be bearish as investors price in another possible 75-basis-point rate hike by the Fed to combat their still elevated in“Investors are also expected to watch out for the BSP who may also act aggressively amid the demand-side risks to our country’s ination, and the weakening of our local currency which also poses upside risks to the rise of our general price level.

 

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