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Business

Stocks inch up ahead of BSP meeting

Business

Stocks inch up ahead of BSP meeting

By James A. Loyola

The local stock market managed to end in the green after seeing some losses earlier in the session as investors wait for the result of the Bangko Sentral policy meeting.

The main index added 11.65 points or 0.18 percent to close at 6,403.74 with sectoral indices again evenly mixed. Volume was relatively steady at 582 million shares worth P7.3 billion as gainers beat losers 95 to 83 with 48 unchanged.

PSE

“Philippine shares bucked the trend ahead of the BSP meeting, while US markets tumbled yesterday in response to a weak outlook from retail chain Target, as inflation pinches shoppers heading into the holiday season,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “bets are being placed of ahead of MB's 7th policy-setting meeting later. The MB is widely expected to mimic the Fed's recent interest rate hike of 75bps.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse went up, breaching the resistance at 6,400 levels. The easing of geopolitical tensions between Russia and NATO boosted the sentiment. Investors also anticipated the 75 bps interest rate hike of the BSP.”

Related Tags

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

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