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Business

Stocks slip ahead of US Fed meet

Iris Gonzales - The Philippine Star
Stocks slip ahead of US Fed meet
The main Philippine Stock Exchange index or PSEi lost 54.95 points or 0.80 percent to close at 6,857.90, sliding further below the 7,000 wall again.
STAR / File

MANILA, Philippines — Share prices slipped anew yesterday, taking the cue from regional markets which tumbled on recent US Federal Reserve statements on possible monetary policy easing.

The main Philippine Stock Exchange index or PSEi lost 54.95 points or 0.80 percent to close at 6,857.90, sliding further below the 7,000 wall again.

The broader All Shares index went down 29.51 points or 0.69 percent to finish at 4,266.33.

Many markets in Asia were closed for holidays and analysts said the thin trading accentuated volatility.

Total value turnover reached P7.23 billion. Market breadth was negative, with decliners trumping advancers, 165 to 42, while 36 issues were unchanged.

Investors are watching to see whether the Fed will take any action to address the impact of rising prices on businesses and consumers.

“Asia is off to a nervous start (yesterday) with liquidity seriously thinned by holidays,” Jeffrey Halley of Oanda said in a commentary. “The list of circling sharks is long, starting with increasing noise from the US about the debt ceiling.”

The Fed is due to deliver its latest economic and interest rate policy update on Wednesday. The central bank has said higher costs for raw materials and consumer goods are still likely to be temporary as the economy recovers, but analysts worry that higher prices could stick around and dent companies’ bottom lines while also crimping spending.

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