Share prices on the Philippine Stock Exchange slipped
in early trading Wednesday as investors – concerned with the US debt
ceiling and Federal Reserve tapering – decided not to take positions at
this point.
The main PSEi was down 23.72 points or 0.37 percent to 6,437.66 as of 10:15 a.m. "The index is slightly down today due to new concerns over the US debt ceiling and renewed concerns on Fed's taper," Gregg Adrian Ilag, analyst at AB Capital Securities Inc., told GMA News Online.
"Regional markets are showing a weakness, and we are mirroring that," he added.
Reuters reported stocks on Wall Street struggled Tuesday, with benchmark indexes swinging between losses and muted gains to finally turn lower, amid a lack of clarity on US fiscal and monetary policies, while major currencies held in tight ranges.
A looming political showdown in Washington over budget talks that threaten to shut down the US government on October 1 was the bigger backdrop to trading while Fed policymakers have been on the offensive this week explaining the reasons behind the central bank's surprise decision last week not to reduce its asset purchases, Reuters added.
Ilag noted investors are now in search of a market-lifting catalyst.
"The last bull run was driven by liquidity after the Fed announced it will stick to its bond purchases. Concern now is what will drive another bull run," he said. – VS, GMA News
Source: Yahoo! PH
No comments:
Post a Comment