For the fourth day in a row, index heavyweights led the local stock market lower as US bourses were weaker while investors wait for the US Federal Reserve meeting. 

The main index shed 6.93 points or 0.11 percent to close at 6,041.04 as Banks and Conglomerates declined although the four other counters advanced. Volume rose to 542 million shares worth P5.26 billion as gainers beat losers 100 to 79 with 43 unchanged. 

“Philippine shares edged lower as Wall Street geared up for the latest interest rate decision and economic update from the Fed. The FOMC's policy decision is due out later today,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

He noted that, “the Fed is widely expected to hold rates steady, but investors will be paying close attention to the summary of economic projections and the press conference of Fed chair Jerome Powell for clues about what might happen in the months ahead.”

“Locally, the market moves were also influenced by  rising oil prices and inflationary pressures. Oil prices rose to 10-month highs on Tuesday before easing, as investors took profits following three sessions of gains that followed extended production cuts from Saudi Arabia and Russia,” Limlingan added. 

Philstocks Financial Assistant Research Manager Claire Alviar said, “the local bourse declined for four consecutive days following the negative sentiment from Wall Street ahead of the Federal Reserve and Bangko Sentral ng Pilipinas’ interest rates decisions.”

“While the market mostly traded in the red and briefly dipped below the psychological level of 6,000, bargain hunters attempted to rally, but were unable to sustain the momentum, ultimately yielding to selling pressure. Foreigners continued to be net sellers, resulting in a net outflow of P1.02 billion,” she added.