Stocks fall prior BSP, Fed meetings

The Philippine Stock Exchange index (PSEi) ended flat on low volume although the broader market was weak as investors wait for results of the US Federal Reserve and Bangko Sentral ng Pilipinas (BSP) meetings this week. 

The main index shed 1.77 points or 0.03 percent to close at 6,124.57 with sectoral indices equally divided. Volume declined to 549 million shares worth P3.65 billion as losers trounced gainers 121 to 58 with 52 unchanged. 

“Philippines shares traded quietly to start the week, as investors await the main event this week, which is the MB's policy-setting meeting on September 21,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

He added that, “the street widely expects that the BSP will keep the benchmark rate steady at 6.25 percent… The September FOMC meeting is also this week.”

Philstocks Financial Assistant Research Claire Alviar said, “the local bourse saw a slight decline due to a lack of a strong catalyst while awaiting the meeting of the Bangko Sentral ng Pilipinas (BSP) and Federal Reserve.”

“Moreover, net foreign selling worth P419.26 million weighed further on the market. The net market value turnover remained weak at P3.40 billion,” she noted.