The Philippine Stock Exchange index ended slightly lower after a day of volatile trading.
The main index dipped 13.89 points or 0.19 percent to close at 7,438.93 with sectoral indices evenly mixed. Volume dropped to 911 million shares worth P6.82 billion as gainers outpaced losers 107 to 77 with 56 unchanged.
“Philippine shares ended ended mixed on a volatile trading session as investors digested the latest update from the Fed and developments on the Ukraine-Russia standoff,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “the January FOMC minutes indicated that participants judged that it would ‘soon be appropriate’ to raise the federal funds rate, but ‘some’ participants noted that ‘financial conditions might tighten unduly’ in response to rapid monetary policy tightening, suggesting a 50bp hike in March is less likely.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse pulled back as investors took profits from the preceding day's rally. Investors also turned cautious while waiting for the outcome of the Bangko Sentral ng Pilipinas' policy meeting today.”
He added that, “While policy rates are anticipated to remain unchanged, investors are watching out for clues on the BSP's policy direction this year in light of the expected continuation of our economic recovery and the hawkish outlook of the Federal Reserve.”