Shares down, peso weakens ahead of FOMC, BSP meeting
PNA Photo
MANILA, Philippines — Local shares declined while the peso weakened Wednesday, ahead of the Federal Open Market Committee (FOMC) and the Bangko Sentral ng Pilipinas (BSP) Monetary Board meetings.
The Philippine Stock Exchange index (PSEi) fell by 0.50 percent to 6,469.08, while All Shares also declined by 0.28 percent to 3,700.
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Why the peso will continue to fall
“Philippine shares continued to drop ahead of the FOMC meeting and following the sentiment of regional markets hitting 6469.08, a 0.5 percent drop,” said Regina Capital Development Corp. managing director Luis Limlingan.
Limlingan said that locally, investors are attempting to clean up positions before 2025, while others are monitoring the upcoming BSP interest rate decision on Thursday.
Except for Industrial and Services, all sectors are closed in red.
Decliners led advancers at 104 to 61.
The peso, meanwhile, closed weaker against the dollar at 58.99 from 58.87 the previous day.
It opened at 58.89 and traded between 58.88 and 58.99, bringing the weighted average of the day to 58.98.
Volume of trade fell to USD884.5 million from USD1.4 billion. (PNA)
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