Shares trade lower as Fed worries linger


Posted at Oct 20 2016 11:39 AM | Updated as of Oct 20 2016 11:40 AM

MANILA - Shares traded lower on Thursday after two straight days of gains on lingering concerns over the upcoming rate increase by the US Federal Reserve, an analyst said.

The Philippine Stock Exchange Index was down 0.22 percent to 7,702.57 points before noon. The peso opened stronger against the dollar at P47.98 from Wednesday's close of P48.16.

Investors are also awaiting the business deals that could be struck during President Rodrigo Duterte's visit to China, said Ali Yu, president of RS Lim and Co.

Yu said investors were looking at the President to build new alliances without antagonizing old ones.

Duterte is shifting to China as he reassesses the Philippines' long-standing alliance with the United States. On Wednesday, he said it was time to say "goodbye" to Washington. -- reports from Michelle Ong, ABS-CBN News