Stock market, peso drop ahead of US Fed meeting

The stock market fell to the 7,400 level while the peso weakened to P53:$1 on Tuesday, weighed down by overnight declines on Wall Street and concerns over the outcome of this week’s US Federal Reserve meeting.

The bellwether Philippine Stock Exchange index (PSEi) dropped by 1.33 percent or 100 points to close at 7,420.40 while the wider All Shares declined by 0.88 percent or 39.88 points to end at 4,470.22.