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Manila Bulletin devider Business devider Stocks pause for some profit-taking

Stocks pause for some profit-taking

Published Nov 16, 2022 02:00 pm

Stock market investors finally start taking profits made during the PSEi’s recent rally and ahead of the expected rate hike by the Bangko Sentral on Thursday.

The main index shed 26.85 points or 0.42 percent to close at 6,392.09 with sectoral indices evenly mixed. Volume rose 969 million shares worth P7.23 billion as gainers still beat losers by 92 to 82 with 49 unchanged.

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“Philippine shares took a breather after another lighter-than-expected inflation report and as investors looked ahead to retail sales data due tonight and the latest BSP meeting Thursday afternoon,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “It is expected that our central bank will likely match the Fed’s hawkish stance to combat inflation.” Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse declined amid profit-taking after three straight days of the market rally, while waiting for the BSP meeting tomorrow.”

“At the BSP meeting, aside from the anticipated interest rate hike, we think that investors will be waiting for the outlook of the central bank toward the inflation rate at least for the end of the year,” she noted.

Alviar added that, “Meanwhile, developing geopolitical tensions between Russia and NATO also weighed on the sentiment.”

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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