Market tumbles anew as investors stay on sidelines

MANILA, Philippines — Share prices fell anew as investors remained on the sidelines ahead of this week’s policy decisions of the Bank of Japan and the US Federal Reserve.

The Philippine Stock Exchange index closed lower for a second consecutive session, shedding 0.64 percent or 42.87 points to 6,606.36.

The broader All Shares index likewise fell by 0.49 percent or 17.56 points, settling at 3,587.77.

“The local market dropped as investors worry over the local currency which has been showing signs of weakening against the US dollar,” Philstocks Financial research and engagement officer Mikhail Plopenio said.

Plopenio said many are also cautious ahead of the policy decisions of the Bank of Japan and the US Fed scheduled this week.

“Philippines shares closed near the 6,600 mark following the mixed session of the US as fund managers continue to sell before the closing of the month,” Luis Limlingan of Regina Capital said separately.

“The Fed’s two-day meeting begins Tuesday, where chief Jerome Powell may signal upcoming rate cuts. Investors are also awaiting the Fed meeting, which could influence the Bangko Sentral ng Pilipinas’ rate decision,” Limlingan said.

Net market value turnover thinned to P4.13 billion from the previous day’s P4.68 billion.

Only two counters finished in the positive territory during the session, while the rest were in the red.

Services and industrial posted increases of 0.55 percent and 0.05 percent, respectively,

Financials and property, meanwhile, took the biggest hit, plunging by 1.62 percent and 1.29 percent, respectively.

Decliners continued to pound on advancers, 118 to 74, while 43 shares were unchanged.

Alliance Global Group made the largest gain among index members at 3.13 percent, while Ayala Land saw the biggest drop at 2.91 percent.