PSEi closes negative ahead of Fed meeting

The Philippine Stock Exchange index (PSEi) closed negatively on Wednesday ahead of the Federal Open Market Committee’s meeting, dropping 0.47 percent to 7,253.61 points.

Investors were cautious due to geopolitical tensions and expectations of rate hikes by the US Federal Reserve in March.

The peso remained stable at 51.29 against the US dollar, little changed from previous days.

On Monday, the PSEi also ended negatively with a 0.56 percent decline, while the peso closed at 51.29.

Volume and trading activity were lower compared to previous sessions.