PHL shares close flat as caution rules ahead of US Fed meeting

Philippine shares ended on a flat note Wednesday, snapping a three-day rebound as investors, cautious ahead of US Federal Reserve (Fed) meeting, opted to take profits.

 

"The PSEi closed flat, down by five points as investors are still testing if the market is really on a rebound. They remain cautious ahead of US Fed meeting," Jeng T. Calma, operations head at A&A Securities Inc., told GMA News Online.

 

"Some investors took profits after market rebounded in the past three days. Buying investors, on the other hand, still have doubts on whether to buy," she added.

 

The main PSEi slipped by 5.57 points or 0.09 percent to 6,513.20 at the close.

 

The broader all-shares index fell by 9.30 points or 0.23 percent to 4,022.12.

 

Only two sub-indices were in the green, financials at 1.18 percent and holding firms at 0.13 percent while the rest were in negative territory.

 

More than 1.96 billion shares valued at P7.7 billion were traded.

 

Decliners led advancers 80 to 72 while 35 issues were unchanged.

 

The US central bank is scheduled to meet on Tuesday and Wednesday (Wednesday and Thursday in Manila).

 

Markets are waiting for Fed chairman Ben Bernanke's speech, which will give clarity on the policy stand on central bank's massive bond-buying program. — VS, GMA News