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Manila Bulletin devider Business devider Stocks flat as investors await news

Stocks flat as investors await news

Published Dec 13, 2022 04:30 pm

The local stock market closed flat as investors wait for the meetings of US and Philippine central banks.

The main index shed 2.82 percent or 0.04 points to close at 6,582.38 as sectoral indices were evenly split. Volume was thin at 705 million shares worth P5.4 billion as losers beat gainers 113 to 68 with 43 unchanged.

PSE_-Trading-Floor-Reopening

Philstocks Financial Assistant Research Manager Claire Alviar said “The PSEi inched down on profit-taking after two consecutive days of gains. Investors also await the November US inflation report.”

She added that, “Investors are waiting for the decision of the Federal Reserve on its interest rates to anticipate the next move of the Bangko Sentral ng Pilipinas (BSP) at their meeting this month.”

First Metro Investment Corp. Head of Research Cristina S. Ulang said “Market steady and on a wait and see as it tries to digest forthcoming US monthly inflation data and Fed policy hike, whether both will be above expectations of 7.3 percent and 50 bps, respectively, and which will sequentially partly determine the extent of next BSP policy hike and messaging.“

Related Tags

Philippine Stock Exchange index (PSEi) Philstocks Financial Claire Alviar Cristina Ulang First Metro Investment Corp.
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