Stocks correct as investors cash in gains

MANILA, Philippines — The benchmark Philippine Stock Exchange Composite index closed at 6,392.09 yesterday, down 26.85 points or 0.42 percent. The broader All Shares index slipped 3.28 points or 0.10 percent  to 3,376.30.

Mining and  oil, services and property indices  closed in positive territory. Financials, holding firms and industrial, on the other hand, ended in the negative zone.

Total value turnover, meanwhile, reached P7.23 billion.

Market breadth was positive despite the market’s decline  with gainers outpacing losers, 92 to 82 while 49 issues were unchanged.

Regina Capital’s Luis Limlingan said investors would look at the scheduled policy rate setting meeting of the Bangko Sentral ng Pilipinas (BSP) today.

The BSP is widely expected to match the US Federal Reserve’s hawkish stance to combat inflation, Limlingan said.

Early this month, the Fed announced a widely expected fourth consecutive “jumbo” 0.75 percentage point rate hike.

Asian shares were mostly lower yesterday  as investors got jittery over global risks after Poland said a Russian-made missile killed two people there.

Benchmarks fell in Sydney, Seoul, Hong Kong and Shanghai, while shares in Tokyo rebounded to finish slightly higher.

Details were unclear, including who fired the missile. Three US officials said preliminary assessments suggested the missile was fired by Ukrainian forces at an incoming Russian missile amid a crushing salvo against Ukraine’s electrical infrastructure Tuesday.

Traders have been paring their bets for how big a hike the Fed will announce at its next policy meeting in December.