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Market slips ahead of US Fed meeting

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Share prices pulled back yesterday as investors treaded with caution ahead of the policy meeting of the US Federal Reserve.

The Philippine Stock Exchange index slipped by 0.07 percent or 4.86 percent to close at 6,848.43, while the broader All Shares index declined by 0.12 percent or 4.41 points to settle at 3,566.48.MANILA, Philippines —

Philstocks Financial research and engagement officer Mikhail Plopenio said last-minute profit taking resulted in the market’s negative finish yesterday. Those in the red dominated the local counters with the mining and oil as well as holding firms retreating by more than one percent each.Market breadth was negative as decliners whipped advancers, 114 to 84, while 48 issues were unchanged.

Despite threats of El Niño, the country’s palay output in the first quarter likely inched up year-on-year to...

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