{"id":189181,"date":"2018-11-11T03:48:48","date_gmt":"2018-11-11T08:48:48","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=189181"},"modified":"2018-11-11T03:55:27","modified_gmt":"2018-11-11T08:55:27","slug":"local-markets-fed-rate-hike-anticipation","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/11\/11\/local-markets-fed-rate-hike-anticipation\/","title":{"rendered":"Local markets down on Fed rate hike anticipation"},"content":{"rendered":"<p><figure id=\"attachment_85358\" aria-describedby=\"caption-attachment-85358\" style=\"width: 800px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/01\/Forex_01.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-85358\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/01\/Forex_01.png\" alt=\"\" width=\"800\" height=\"600\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/01\/Forex_01.png 800w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/01\/Forex_01-300x225.png 300w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/01\/Forex_01-768x576.png 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><figcaption id=\"caption-attachment-85358\" class=\"wp-caption-text\">Volume reached 1.165 billion stocks amounting to PHP5.96 billion. (File Photo by Allan Ajifo [CC BY 2.0 (Photo By Allan Ajifo [CC BY 2.0)<\/figcaption><\/figure><strong>MANILA<\/strong>\u00a0&#8212; The Philippine Stock Exchange index (PSEi) fell to the 6,900-level Friday and the peso made a u-turn in apparent reaction to a statement from the US Federal Reserve hinting that further tightening is to come.<\/p>\n<p>The PSEi ended the week at 6,968.82 points, down 0.95 percent or 66.89 points.<\/p>\n<p>Bank of the Philippine Island (BPI), on its Global Markets Daily Market Wrap issued at the end of this trading week, attributed the index&#8217;s slide to \u201chigher global interest rates and economic slowdown from major economies.\u201d<\/p>\n<p>After the November 7-8 meeting of the Federal Open Market Committee (FOMC), the Fed, in a statement, announced that the Committee kept the federal funds rate at 2-2.25 percent but noted \u201cfurther gradual increases\u201d since labor market remains strong and inflation is near the 2 percent objective.<\/p>\n<p>Meantime, Regina Capital Managing Director Luis Limlingan said the probability of a Fed rate hike in December is now at 74.4 percent.<\/p>\n<p>He also cited the drop in oil prices and \u201csome rebalancing\u201d by companies as additional factors that drove the drop of PSEi.<\/p>\n<p>He said price of crude in the international market fell 1.5 percent to USD60.73 per barrel.<\/p>\n<p>This drop, he said, was pinned further by reports of higher-than-forecast rise of stockpiles, he said.<\/p>\n<p>The negative close of the main index was mirrored by all the other counters, with the broader All Shares slashed by 0.47 percent, or 19.99 points, to 4,269.88 points.<\/p>\n<p>Services registered the highest decline with 2.04 percent and was followed by Financials, 1.21 percent; Industrial, 1.04 percent; Property, 0.80 percent; Mining and Oil, 0.28 percent; and Holding Firms, 0.12 percent.<\/p>\n<p>Volume reached 1.165 billion stocks amounting to PHP5.96 billion.<\/p>\n<p>Gainers reversed the situation after it surpassed losers at 105 to 84 while 53 shares were unchanged.<\/p>\n<p>Also, the peso ended the week at 52.96 after improving to 52.57 Thursday.<\/p>\n<p>BPI attributed this to the improvement of the US dollar after days of weakness.<\/p>\n<p>For the day, the local unit opened at 52.87, little changed from the 52.83 a day ago.<\/p>\n<p>It traded between 52.97 and 52.83, bringing the day\u2019s average to 52.923.<\/p>\n<p>Volume reached USD897.5 million, lower than the USD1.35 billion in the previous session.<\/p>\n<p>The currency pair is seen to trade between 52.85 and 53.05 on Monday.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MANILA\u00a0&#8212; The Philippine Stock Exchange index (PSEi) fell to the 6,900-level Friday and the peso made a u-turn in apparent &hellip;<\/p>\n","protected":false},"author":44,"featured_media":85358,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,43],"tags":[],"class_list":["post-189181","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-stock-markets","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/189181","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=189181"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/189181\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/85358"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=189181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=189181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=189181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}