Weak trading seen as market waits for Fed hike - BusinessWorld Online

On Monday, the benchmark Philippine Stock Exchange index dropped by 10.17 points or 0.15% to close at 6,721.08, while the broader all shares index went down by 8.31 points or 0.23% to 3,596.83.Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said the weak trading seen on Monday shows many investors are staying on the sidelines amid lingering uncertainties.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail that the market is waiting for the Fed’s policy meeting on May 3-4, where the central bank is expected to hike key rates by 50 basis points , bigger than the 25-bp increase it fired off in March. Investors expect the Fed to hike rates by 50 bps when it meets on May 3-4 and the uncertainty is around how hawkish Fed Chair Jerome Powell will sound in comments following the decision, Reuters reported.

At home, Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said in an interview with Bloomberg TV last week that the central bank may consider hiking key interest rates at its June 23 meeting.

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