Subdued trading as Christmas nears

Trading on the Philippine Stock Exchange is expected to move sideways in the absence of catalysts following the aftermath of last week’s much awaited decision by the US Federal Reserve to raise its key interest rates.

The bellwether PSEi dwelled in the clutches of a downtrend in the run up to the Fed action and penciled in a 25-basis-point interest rate hike. But the more telling blow on financial markets was the hint of perhaps more rate hikes next year flagging the likelihood of further jitters among investors.