PHL shares down 0.44% at noon recess

Share prices on the Philippine Stock Exchange were sagging at the noon recess after investors opted to take profits ahead of results of the US Federal Reserve policy meeting this week.

 

"The market is down by 0.44 percent at end of morning trade on profit-taking," Miko Sayo, analyst at Nieves Securities Inc., told GMA News Online.

 

"The market has been going up in the past few days. Investors wanted to liquidate before the end of Fed's meeting Thursday morning in Manila," he added.

 

The main PSEi shed 28.44 points or 0.44 percent to 6,490.33 at market recess. The broader all-shares index dipped by 21.83 points or 0.54 percent to 4,009.59. 

 

Except for holding firms, all counters were in the red led by property at -1.79 percent and mining and oil at -1.20 percent.

 

Earlier, analysts said markets are waiting for the results of the US central bank's policy meeting, set on Tuesday and Wednesday (Wednesday and Thursday in Manila), which will clarify its stand on its bond buying program.

 

Fed's $85-billion bond-buying stimulus program or quantitative easing is a measure to keep borrowing costs low and encourage investment, hiring and economic growth. News of scaling back its stimulus program has rocked global markets in the past three weeks. — VS, GMA News