PH stocks dragged by Wall Street fall on Fed remarks

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Philippine stocks tracked the fall in US markets after “hawkish comments” by the US Federal Reserve on oil futures, foreign exchange, and consumer-price data.

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The Philippine Stock Exchange index (PSEi) declined by 0.47 percent or 37.19 points to 7,946.19. The All Shares dropped 0.35 percent or 16.49 points to 4,697.11.

“Basically we took cues from US markets, profit-taking at their end spilled over into our market. Also, we’re in the middle of the ghost month … psychologically there’s … bearish sentiment,” Victor Felix, equities analyst at AB Capital Securities Inc.

“Tomorrow, we’ll be awaiting official second quarter GDP results. If it’s in line with estimates, then we expect the market to take a lift,” he added.

More than 1.2 billion shares were traded, valued at P9.47 billion. Gainers led higher losers, 97 to 87, while 54 issues were unchanged.

On Tuesday, the bellwether PSEi gained 23.21 points or 0.29 percent to 7,983.38. The All Shares dropped 32.05 points or 0.68 percent to 4,713.60.

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