Index eases as market awaits Yellen speech

MANILA, Philippines - The equities market continued to await the speech of US Federal Reserve chairperson Janet Yellen who is due to take the center stage at the Jackson Hole Economic Symposium in Wyoming today.

Investors are keeping a close watch on Yellen’s speech as they continue to look for indications on what the next action of the US Federal Reserve would be.

As such the benchmark Philippine Stock Exchange (PSE) index eased 11.59 points to close at 7,854.54, as investors continue to stay on the sidelines ahead of Yellen’s speech.

On the other hand, the broader All Shares index inched up 0.03 percent or 1.16 points to settle at 4,663.79.

It was again a mixed bag for the rest of the counters.

While most of the indices closed in negative territory, the services and industrial counters managed to end in the green with gains of 1.32 percent and 0.39 percent, respectively.

Total value turnover reached P7.46 billion as advancing stocks outnumbered declines, 98 to 97 while 44 stocks were left unchanged.

Analysts said markets are hoping that Yellen might indicate a clearer timeframe for the next interest rate hike.

The US central bank, which is set to meet again on Sept. 20 to 21 in Washington, last hiked rates in December.

Last July, Fed officials were divided over the urgency to raise rates, according to published minutes of their meeting last month.