Manila: Investors’ decision to stay on the sidelines ahead of the Federal Reserve’s two-day meeting this week resulted in the negative close of both the Philippine Stock Exchange index (PSEi) and the peso on Tuesday. The main stocks gauge shed 0.85 percent to end the day at 6,325.42 points, and the broader All Shares by 0.35 percent to 3,780.08 points. Only the Property index ended the day up with a mere 0.04 percent increase.

According to Philippines News Agency, services registered the highest drop at 2.02 percent, and was trailed by the Mining and Oil, 1.72 percent; Holding Firms, 0.70 percent; Financials, 0.07 percent; and Industrial, 0.009 percent. Volume reached 1.04 billion shares amounting to PHP6.86 billion. Decliners led advancers at 117 to 70 while 62 shares were unchanged.

Business strategist Jonathan Ravelas said investors are waiting for the result of the July 29-30, 2025 policy meeting of the Federal Open Market Committee (FOMC), which is widely expected to hold key rates despite calls by US President Donald Trump to cut rates. ‘Continue to expect the market to move sideways to down within the 6,000-6,500 levels in the near-term,’ he said.

The local currency also ended the day weaker, closing at 57.31 from 57.2 against the US dollar a day ago. It opened the day already down, at 57.25, from its 57.13 start in the previous season. It traded between 57.38 and 57.2, bringing the average to 57.28. Volume increased to USD1.73 billion from USD1.7 billion in the previous session.