Speculation ahead of US Federal Reserve Chair Janet Yellen’s speech on Friday kept mostly sidelined waiting for on clues to a possible rate hike in the world’s biggest economy.
The Philippine Stock Exchange index (PSEi) eased down 0.15 percent or 11.59 points to 7,854.54 on Thursday, while the All Shares index inched up 0.03 percent or 1.16 points to 4,663.79.
“Because investors are staying on the sidelines ahead of Yellen’s date at the Jackson Hole podium on Friday,” Justino Calaycay Jr., head of research and marketing at A&A Securities Inc., told The Manila Times
Global markets have been trading on light volumes in a pessimistic slant the past few days on speculations that the Fed chair might reveal clues on rate hikes.
“Moving forward, the veil of the Ghost Month lifts next week, we have had a pretty good second quarter earnings and robust, region-leading period GDP [gross domestic product]. Plus, with history of presidential election year on the bull’s side, we can’t help but be optimistic for the market,” Calaycay said.
Some 1.14 billion shares were traded on Thursday, amounting to P7.4 billion. Advancers and decliners ended almost the same, 98 to 97, while 44 issues were unchanged.
On Wednesday, the bellwether PSEi lost 69.05 points or 0.87 percent to 7,866.13, while the broader All Shares declined by 36.31 points or 0.77 percent to 4,662.63.