PHL shares retreat, weighed by economic concerns

PHILIPPINE SHARES retreated on Wednesday as sentiment turned cautious in anticipation of the policy decisions of the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP) and lingering concerns over the domestic economy.

- A.G.C. Magno

The Philippine Stock Exchange index (PSEi) went down by 0.27% or 16.70 points to end at 5,959.94, while broader all shares index decreased by 0.1% or 3.51 points to 3,462.70.

“Philippine stocks drifted lower as investors stayed on the sidelines ahead of policy rate announcements from the US Fed and the BSP, as well as pricing the disappointing 5% unemployment rate in October,” AP Securities, Inc. said in a market note.

The Fed was set to announce its policy decision at the end of its two-day meeting overnight. A second straight 25-basis-point (bp) cut is largely priced in, but markets will monitor the statement of Fed Chair Jerome H. Powell for clues on the central bank’s future policy path.

Meanwhile, a