The PSEi managed to recover most of its intraday losses after a quick pre-emptive move by the Bangko Sentral to raise rates. 
The main index shed 7.24 points or 0.12 percent to close at 6,248.13 with the Property sector suffering the biggest drop while only the Financials and Services counters managed to advance. Volume was relatively stable at 680 million shares worth P5.3 billion as losers beat gainers 124 to 69 with 34 unchanged. 

“Philippine shares managed to finish almost flat, following a surprise move of the BSP to tame inflation, as key policy rates increased 75bp to 3.25 percent,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 
He noted that, “For a substantial part of trading, the PSEi was down more than 1 percent as analysts became worried about the impact of a US recession. Last night the US reported a hotter-than-expected June CPI…stoking fears that the Federal Reserve will have to hike interest rates more aggressively in the coming months to bring down price increases.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse declined further this Thursday as it dealt with worries over the further acceleration of the US’ inflation last June, and the possibility of a more aggressive policy response by the Federal Reserve.”
He added that, “Investors also digested the surprise 75 basis points policy rate hike by the Bangko Sentral ng Pilipinas.”
“The market fell as low as 6,166.61 (down by 1.42 percent) intraday. Last minute bargain hunting trimmed the market’s losses,” Tantiangco said.