MANILA, March 16 (PNA) –- Local share prices extended their slump to a second straight day on Monday, as investors await interest rate decision at the United States Federal Reserve’s meeting this week.
The barometer Philippine Stock Exchange index (PSEi) declined 78.59 points to 7,730.95 from Friday’s 7,809.54 close.
”As attention swiveled in the direction of the US Federal Reserve’s two-day meeting beginning tomorrow (Tuesday), markets scaled back exposures to equities anticipating a more definitive hint on timing an interest rate hike,” said Jun Calaycay, analyst at Accord Capital Equities Inc.
Calaycay said the PSE index also declined amid technical factors.
Brokerage firm 2TradeAsia.com said most investors also paid attention to the greenback’s movement, after hitting a 12-year high against the euro.
All counters were in negative territory, declining 0.47 percent to 1.76 percent.
Volume of transactions reached 1.46 billion shares valued at Php5.55 billion.
Decliners dominated advancers, 134 to 50, while 33 issues unchanged.
The day’s top losers were led by 2Go Group Inc., Global Ferronickel Holdings Inc., Euro-Med Laboratories Philippines Inc., Oriental Petroleum and Minerals Corp. and the Philodrill Corp. (PNA)