Market sideways as data awaited
Investors are waiting for the decision of the Federal Reserve on its interest rates to anticipate the next move of the Bangko Sentral ng Pilipinas
Daily TribuneInvestors are waiting for the decision of the Federal Reserve on its interest rates to anticipate the next move of the Bangko Sentral ng Pilipinas
The benchmark Philippine Stock Exchange index broke its consecutive days of gains after it dropped by 2.82 points to 6,582.38 on profit-taking, 0.04 percent down from Monday's close.
Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar said investors also awaited the November inflation report of the United States.
"Investors are waiting for the decision of the Federal Reserve on its interest rates to anticipate the next move of the Bangko Sentral ng Pilipinas at their meeting this month," Alviar said.
She said "lower net inflow of foreign direct investments year-on-year in September" also affected investor sentiment.
The net market value turnover was P4.95 billion. Sectors were mixed with the Properties leading the gainers, up by 0.98 percent while Miners lost the most by 1.31 percent.
ICTSI leads gainers
Among index members, International Container Terminal Services Inc. was the top gainer, advancing 2.99 percent while Converge ICT Solutions Inc. was at the bottom, dropping 7.24 percent.
Regional markets were mixed as nervous investors sat tight ahead of key US inflation data and a Federal Reserve policy decision but fresh pledges by China to open up from zero-Covid offered support.
The region was given a positive lead after Wall Street's three main indexes raced out of the traps Monday, with analysts citing a survey by the central bank that showed inflation expectations falling.
