Unlike other markets that rose because of the decision of the US Federal Reserve to taper by $10 billion its monthly bond-buying program, the Philippine bourse closed on the red side on Thursday, wiping out the gains it had during the early hours of the session.

“Share prices snapped a four-session run, despite an early surge of positive sentiment after the Federal Reserve revealed it is reducing its monthly bond purchases by $10 billion beginning January,” Jun Calaycay, Accord Capital Equities Corp. analyst, said.

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