The PSEi closed 22.08 points higher or 0.28 percent to finish at 7,575.84. This time, however, the broader All Shares index declined 16.20 points or 0.35 percent. Philstar.com/File Photo
MANILA, Philippines – The benchmark Philippine Stock Exchange index (PSEi) slightly recovered during yesterday’s session, ahead of the Sept. 21-22 meeting of the US Federal Reserve.
The PSEi closed 22.08 points higher or 0.28 percent to finish at 7,575.84. This time, however, the broader All Shares index declined 16.20 points or 0.35 percent.
The counters were likewise a mixed bag but were mostly in positive territory, led by the industrial, holding firms, services and property indexes.
On the other hand, the mining and oil index plunged 109.75 points or 1.04 percent.
Total value turnover reached P7.21 billion. Decliners edged out advancing stocks, 101 to 90 while 47 stocks were left unchanged.
Justino Calaycay of A&A Securities said it’s pretty much still a wait and see stance this week as global markets await the Fed’s decision.
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“We are moving into what we may refer as the central bank week. Markets have been focused on this period with mixed expectations – waiting for more stimulus from the Bank of Japan and the European Central Bank, while holding their breath over prospects of upward rate adjustments by the US Federal Reserve,” Calaycay said.
“Monetary actions may be interpreted in either of two ways – or a balance of both. ‘Loose’ or easy money such as the reduction in rates or the injection of more liquidity into the financial system while an indication that the general economy is still weak, nevertheless boosts the flow of funds into financial markets. And with yields on fixed income instruments depressed, the attraction of equities rise,” Calaycay added.