Fed hike worries seen to drag on trading

MANILA – Investors will likely remain on the sidelines on Wednesday, as they await first half economic growth data, with the prospect of an interest rate increase in the United States before the end of the year weighing on sentiment, an analyst said.

The Philippine Stock Exchange Index closed 0.29 percent higher to 7,983.38 on Tuesday. Asian shares stepped back from a one-year high on Wednesday after the Federal Reserve said a rate increase could come as soon as September.

“Its going to be a quiet day today, with light risk on the downside,” BPI Securities analyst Riche Lim told ANC’s “Market Edge with Cathy Yang.”

source: www.abs=cbnnews.com