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Philippine Stocks Drop on Heavy Foreign Selling Ahead of Central Bank Meetings

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Philippine Stock Market,Foreign Selling,Central Bank Meetings

The Philippine stock market continued its downward trend, influenced by regional declines and heavy foreign selling, particularly before the US Federal Reserve's policy meeting. The Philippine Stock Exchange index fell 0.50 percent, while the peso weakened against the US dollar. Analysts attributed the decline to foreign investors re-allocating funds and anticipating potential policy rate cuts by the Bangko Sentral ng Pilipinas.

The Philippine stock market continued its downward streak, following regional decline, on heavy foreign selling ahead of the central banks’ policy meetings.

Value turnover reached P4.35 billion, below the year-to-date average of P5.17 billion. There were 83 advancers and 104 decliners, while 61 names were unchanged. There were few catalysts to drive region-wide activity before the US central bank’s interest rate decision, with Wall Street providing a negative lead as profit-takers moved in while economic data was mixed.

“We are experiencing a whirlwind of change and uncertainty that profoundly affects global economies,” said Stephen Innes of SPI Asset Management.

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