MANILA – News about the possible Federal Reserve rate decision and the Ukraine-Russia geopolitical concerns resulted in the negative close of the local stock barometer on Thursday, but the peso finished sideways against the US dollar.
The Philippine Stock Exchange index (PSEi) shed 0.19 percent, or 13.89 points, to 7,438.93 points.
All Shares, on the other hand, gained 0.10 percent, or 3.77 points, to 3,934.31 points.
Half of the sectoral gauges also finished the day on the red namely Property which declined 0.62 percent; Holding Firms, 0.15 percent; and Financials, 0.05 percent.
Services gained by 0.31 percent, Industrial by 0.25 percent, and Mining and Oil by 0.21 percent.
Volume was thin at 911.04 million shares amounting to PHP6.82 billion.
Advancers led decliners at 107 to 77, while 56 shares were unchanged.
“Philippine shares ended mixed on a volatile trading session as investors digested the latest update from the Fed and developments on the Ukraine-Russia standoff,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.
Minutes of the January 25 to 26 Federal Open Market Committee (FOMC) meeting showed that Fed officials noted the increased uncertainty on growth outlook in the medium term because of the impact of the virus-induced pandemic.
These developments affected the peso-dollar exchange rate, but the local currency was able to hold up against the greenback and closed the day at 51.33 from 51.285 on Wednesday.
The local unit opened the day at 51.27 and traded between 51.36 and 51.235.
Average level for the day stood at 51.288.
Volume rose to USD824.4 million from the previous session’s USD596.1 million. (PNA)
