Philippine stocks fell Friday on lingering concerns over the US Federal Reserve’s plan to delay its monetary easing.
Stock markets had a mixed reaction to the decision, with investors also contemplating the outlook for US interest rates as data indicated inflation on a downward trajectory, even as the Federal Reserve lowered its outlook for how many cuts it would make this year. However, traders had expected it to begin winding down its purchases immediately and were left disappointed by the announcement.
“The market is definitely not taking it as a step in the right direction, judging from the immediate reaction in the yen,” said Andrew Jackson of Ortus Advisors. In other markets, Hong Kong, Sydney, Singapore, Wellington, Manila, Bangkok and Jakarta all fell, though there were gains in Shanghai, Seoul, Taipei and Mumbai.