The Philippine Stock Exchange index fell on Monday, but managed to stay above the 6,300 mark as investors reacted to the US Federal Reserve's decision to keep interest rates unchanged, Philstar Biz reported.
The Fed's hawkish hold signalled that the central bank is in no rush to cut rates, dampening hopes for immediate monetary easing. Investors chose to stay on the sidelines, leading to cautious trading and a decline in most sectors.
Analysts said the market's ability to hold above 6,300 provided some support, but continued uncertainty over US monetary policy could weigh on sentiment in the near term. Trading volume was lower than average as participants awaited further cues.