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Manila Bulletin devider Business devider The Stock Market devider Stocks weaken after Fed meeting

Stocks weaken after Fed meeting

Published Feb 23, 2023 08:19 am
The PSEi lost a few more points on belief that the US Federal Reserve will continue raising rates to combat inflation. The main index shed 13.33 points or 0.20 percent to close at 6,685.90 as the Property sector continued to lead the decline although the Services and Industrial counters posted small gains. Volume weakened to 932 million shares worth P4.35 billion as losers edged out gainers 90 to 85 with 39 unchanged. “Philippine shares have fallen deeper as market participants mull the summary of the Fed's latest meeting, contemplating the central bank's next action to curb inflation,” said Regina Capital Development Corporation Managing Director Luis Limlingan. Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse declined further this Thursday as investors digested the minutes of the Fed meeting. According to the minutes, the Fed is more likely to raise interest rates to manage the elevated inflation in the US.”
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