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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