Market continues retreat ahead of central bank meetings

The PSEi dropped by 76.60 points or 1.25 percent to close at 6,047.97, while the broader All Shares index declined by 34.94 points or 1.06 percent to settle at 3,274.30.MANILA, Philippines — The benchmark Philippine Stock Exchange index plunged for a third consecutive session yesterday as investors stayed on the sidelines ahead of the much-awaited Bangko Sentral ng Pilipinas and US Federal Reserve meetings this week.

“Both central banks are widely expected to hold rates steady during their meetings this week, but growing uncertainty about the path of interest rates over the next several months has soured investor sentiment on local equities,” Colet said. Claire Alviar of Philstocks Financial, meanwhile, said foreign investors continued to exit the market, posting a net selling of P566.33 million.

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