The local stock barometer ended the week on a sour note as investors braced for the possibility of an earlier-than-expected monetary tightening by the US central bank.
The main-share Philippine Stock Exchange index (PSEi) slipped by 36.54 points, or 0.53 percent, to close on Friday at 6,851.38, tracking mostly sluggish markets across the region.
“Philippine stocks posted another consecutive day of closing in the red, following the US Federal Reserve) Fed’s latest policy update and the rebalancing of the FTSE (Financial Times Stock Exchange),” said Luis Gerardo Limlingan, managing director at stock brokerage Regina Capital Development.
After its two-day policy-setting meeting, th…
Keep on reading: Stocks muted by rate hike woes