PSEi slips as investors await Fed signals

The Philippine Stock Exchange index (PSEi) ended lower on Tuesday, closing at 6,277.67, down 0.18 percent, as investors continued to exit the market amid the absence of fresh catalysts.

Market participants remained cautious ahead of the Jackson Hole Symposium, where signals on the US Federal Reserve’s policy outlook are expected to emerge.

Trading activity picked up, with net value turnover reaching P6.18 billion, above the year-to-date average of P5.95 billion. Foreign investors extended their selling streak, recording net outflows of P1.22 billion.

Sectoral performance was mixed, with conglomerates gaining 0.87 percent, while services lagged with a 1.22-percent decline. Market breadth was negative as losers outpaced gainers, 101 to 86.

Meanwhile, the peso weakened, closing at 57.10 against the US dollar from 56.965 in the previous session, according to data from the Bankers Association of the Philippines.