Stocks, peso decline after US Fed move
Stocks declined and the peso ended just below the 50 to the US dollar level Thursday following the decision of the US Federal Reserve to raise its key rate by a quarter of a percentage point.
The Philippine Stock Exchange index closed 73.03 points lower to end at 6,855.31 despite the good reception to the listing of Shakeys Asia Pizza Ventures Inc. The stock closed at P 12.10 a share from its initial public offering of P 11.26
Volume reached 1.42 billion shares valued at P8.70 billion. Foreign selling amounted to P6.63 billion compared to foreign buying of P4.85 billion.
The peso closed at P49.96 against the greenback from P49.73 at the Philippine Dealing System. Volume rose to $438.90 million from $356.90 million on Wednesday.
Meanwhile, Jollibee Foods Corp., through its subsidiary Jollibee Worldwide, said it would give up its 80.55 percent stake in US-based firm Chow Fun Holdings LLC “part of its intention to concentrate its resources in building its larger businesses,” ANC reported.
This is the second such move by Jollibee. It announced a few days ago it was selling its holdings in a Chinese company. DMS
