PSEi snaps 6-day climb

By Leslie D. Venzon

MANILA, Oct. 28 (PNA) — Philippine equities snapped out a six-day gain on Wednesday as investors pocketed gains after companies reported mixed earnings and as they awaited the Federal Reserve’s latest interest rate decision.

The local stock barometer lost 36.50 points to 7,289.26 from previous day’s 7,325.76 finish.

Banco de Oro Unibank chief strategist Jonathan Ravelas said investors opted to take their profits on mixed earnings report and the market failed to stay above 7,300 levels.

“Should earnings reports disappoints, we could see 7,000 levels anew,” he said.

Investors, meanwhile, were also awaiting the outcome of the two-day policy meeting of the Federal Reserve which was expected to again delay raising interest rates amid improving economy in the United States. The meeting began Tuesday night.

At home, counters were mixed, with the market’s slump led by property and services sectors.

Only mining and oil and financial sectors were in the green.

Value turnover came in a thick Php39.15 billion after 2.15 billion shares changed hands.

Decliners slightly edged advancers, 87 to 84, while 38 issues unchanged. (PNA)