Stock market, peso drop ahead of US Fed meetinghome/Business/Top Business/Stock market, peso drop ahead of US Fed meetingThe stock market fell to the 7,400 level while the peso weakened to P53:$1 on Tuesday, weighed down by overnight declines on Wall Street and concerns over the outcome of this week’s US Federal Reserve meeting. The peso, meanwhile, lost 9 centavos to close at P53.07 versus the greenback — its weakest finish since November 14’s P53.09:$. The US central bank will begin on a two-day meeting on December 18 (Wednesday in Manila) and markets are factoring in a 25-basis point hike. Foreign funds sold P3.8 billion issues and bought P3.15 billion for a net foreign selling position of P652 million. Volume turnover stood at 4.9 billion issues valued at P8.28 billion.

Source: Manila Times December 18, 2018 20:26 UTC