Stocks fell as investors wait for Fed meeting

The local market fell as investors locked in gains while waiting for the US Federal Reserve’s meeting this week.

The main index dropped 81.19 points or 1.15 percent to close at 6,970.97 as Miners led the retreat although Banks managed to advance. Volume rose to 1.21 billion shares worth P8.3 billion as losers beat gainers 147 to 57 with 38 unchanged.

“Philippine shares started the week in the red with attention specifically on the Fed interest rate decision out this week,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Many are still deciphering the recent discussion from Fed officials as to the direction of interest rates given the trajectory of inflation in recent months.”

Philstocks Financial Research Manager Japhet Tantiangco said “The local bourse started the week in the negative territory as investors take profits amid the lack of a catalyst.”

He added that, “Investors are concerned over the sustainability of the local economy’s strong performance seen in 2022 amid lingering headwinds from elevated inflation, to rising interest rates, to challenges from offshore.”