Stock market investors took profits from last week’s four-day winning streak and ahead of the US Federal Reserve meeting on interest rates this week, driving the Philippine benchmark PSEi down 1.6 percent to the 6,900-point level at the end of the morning session.
As of the noon close, the Philippine Stock Exchange index was down 112.95 points at 6,930.21.
“The PSEi is down as investors are likely taking a breather [now]from the four-day winning streak last week,” Anton Alfonso, RCBC Securities Inc. research analyst, said in a morning market note. He said the market may also trade sideways ahead of the US Fed policy meeting this week.
The US Federal Reserve is set to hold its Federal Open Market Committee meeting on December 13 to 14 to determine whether or not it should raise US key interest rates now. Consensus forecast for the FOMC move is for a key rate hike of 25 to 50 basis points.
KRISTYN NIKA LAZO