NextGen Day

Following the unanimous decision of the Federal Open Market Committee (FOMC) to pause interest rate hikes, the local stock market and the peso closed Thursday with losses.

The Philippine Stock Exchange index (PSEi), the local bourse benchmark, concluded the day’s trading at 6,474.26, dropping by 38.13 points, with all shares down to the level of 3,455.93, a decline of 13.82 points.

Except for the Financials counter, which had a slight gain of 3.71 points at 1,842.45, all other counters posted declines. Listed property firms experienced the largest combined losses, with their counter falling by 45.91 points to 2,597.75.

Other sectors that recorded losses include Holding Firms, down by 30.15 points to 6,450.40; Services, down by 15.93 points to 1,555.90; Industrial, down by 9.16 points to 9,159.14; and Mining and Oil, down by 4.66 points to 9,896.59.

“Philippine equities logged modest losses on Thursday as the public combed through the latest FOMC meeting minutes where members opted to skip a hike. The latest findings showed that most officials would support more increases ahead,” commented Regina Capital Development Corp. head of sales, Luis Limlingan.

On this day’s trading, there were 100 losers compared to 73 gainers, while shares of 51 listed firms remained unchanged.

Meanwhile, the Philippine peso also weakened against the US dollar, reaching 55.50 from the previous day’s closing of 55.39.

Rizal Commercial Banking Corp. economist Michael Ricafort noted that the FOMC meeting, the anticipation of US jobs data on Friday, and higher yields of US government bonds impacted the trade between the peso and the US dollar. As a result, the US dollar slightly corrected higher against major global currencies, reaching three-week highs.

The local currency opened weak at 55.51, traded between 55.43 and 55.64, and had an average level for the day of 55.55.

Total trade volume declined to USD 1.06 billion on Thursday from USD 1.16 billion on Wednesday.

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

📩 Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---