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You are here: Home News Blog Philippines News Blog PHL shares slip on trade deficit, Fed minutes

PHL shares slip on trade deficit, Fed minutes

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Philippine equity prices fell for the fifth consecutive trading day on Tuesday, as investors anticipate the minutes of the latest Federal Open Market Committee (FOMC) meeting to be released on Wednesday, while digesting the latest trade figures.

The benchmark PSEi lost 13.89 points or 0.18 percent to close at 7,520.82. The broader All Shares gained 0.34 points or 0.008 percent to 4,490.03.

"I think the market's still digesting import, export numbers, and then they're waiting for the FOMC minutes," Luis Limlingan, managing director at Regina Capital Development Corp., said in a phone interview.

Data released by the Philippine Statistics Authority showed the country registered a trade deficit of $2.023 billion in August , wider than the $1.048 billion a year earlier, but narrower than the $2.053-billion deficit in July.

Investors are waiting for the minutes of the September 20 to 21 FOMC meeting – to be released on Wednesday – for hints on the timing of an interest rate this year.

"Investors are looking to Wednesday's release of minutes of the latest Federal Reserve Open Market Committee meeting to see how close the Fed was to hiking rates last month," Reuters said in a report .

"Traders have priced in a 70 percent chance that the Fed will hike at a Dec. 13-14 policymakers' meeting, up from 66 percent early Friday, according to CME Group's FedWatch tool," it added.

More than 1.163 billion shares, valued at P7.167 billion, changed hands. Advancers led decliners, 96 to 78, and 51 issues were unchanged. — VDS, GMA News