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Manila Bulletin devider Business devider The Stock Market devider Stocks drop before US, PH policy meetings

Stocks drop before US, PH policy meetings

Published Dec 13, 2023 08:21 am

The local stock market declined despite the strong performance by its US counterparts as investors here preferred to wait for results of both US Federal Reserve and Bangko Sentral Pilipinas (BSP) policy meetings. 

The main index dropped 36.65 points or 0.58 percent to close at 6,255.74 as the Property sector led the retreat with only the Services counter in the green. Volume remained thin at 245 million shares worth P3.55 billion as losers outpaced gainers 95 to 64 with 47 unchanged. 

“Philippine shares traded with a negative bias as traders braced for the final Fed meeting of the year,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

He added that, “back home, many started to position themselves ahead of the BSP's policy-setting meeting on December 14.”

Philstocks Financial Assistant Research Manager Claire Alviar said “the local bourse dropped as investors awaited the decision of the Federal Reserve and the Bangko Sentral ng Pilipinas regarding the interest rates in the US and the Philippines, respectively.”

“Aside from the interest rates decision, investors also want to know their outlook on the inflation rate and the timing of monetary policy easing,” she noted.  
 

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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