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PSEi plunges to 6,500 level before policy meetings
The Philippine Stock Exchange index (PSEi) closed at 6,501.71 points on Tuesday, marking its lowest close in over four months since August 6.
The PSEi fell by 1.71% or 113.45 points, influenced by substantial foreign selling and investor caution ahead of key monetary policy meetings.
Net foreign selling on Tuesday increased to P1.36 billion, significantly higher than P495.9 million recorded on Monday.
Market analysts attribute the drop to investors hedging risks ahead of the monetary policy meetings of the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP).
Investors are closely watching the policy outlook of both central banks, particularly the US Federal Reserve, due to upside risks to US inflation.
With the 6,550 support level breached, the next significant support for the PSEi is anticipated around the 6,400 mark.
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