MANILA, July 28 (PNA) — Local share prices declined below the 7,500-mark on Tuesday as investors continued to follow leads from developments abroad ahead of a two-day Federal Reserve meeting.
The Philippine Stock Exchange index (PSEi) lost 68.41 points to 7,479.03 from previous day’s 7,547.44 finish.
In a market report, Accord Capital Equities Corp. said the local bourse extended losses on lack of fresh leads locally.
“Poor showing by US (United States) stocks overnight, lingering concerns over the Chinese economy –and stock market—and mixed bets on timing US interest rates tugged at an already sapped confidence,” it said.
Accord Capital said share prices are also being hit by rebalancing of portfolios by institutions as financial markets prepare for an eventual adjustment in US interest rates.
While no change in the rates is expected at the two-day US Federal Reserve which begins Tuesday night, it added that investors will search for hints on whether the tweak will happen in September or December.
In Tuesday’s trading, all counters were in the negative territory, led by holding firms that declined 1.34 percent.
A total of 2.1 billion shares worth Php6.85 billion changed hands at the local bourse.
Decliners swamped advancers, 122 to 46, while 38 issues were unchanged. (PNA)