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Manila Bulletin devider Business devider The Stock Market devider Steady interest rates help local stocks recover

Steady interest rates help local stocks recover

Published Nov 16, 2023 08:58 am

The local stock market continued to recover as the steadying of interest rates from the Bangko Sentral ng Pilipinas (BSP) relieved investors.  On Thursday, the BSP decided to keep its policy rate unchanged at 6.5 percent.

The main index climbed by 20.35 points or 0.33 percent closing at 6,191.48 with all sectoral indices garnering gains, minus the Mining and Oil sector declining by 32.16 points or 0.34 percent. 

Total volume of shares traded amounted to 332 million valued at P2.52 billion as gainers marginally outdo losers 88 to 81, with 48 unchanged. 

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said the local market rose "as investors took positive cues from Wall Street’s overnight performance amid the decline of the US’ producer price index for October by 0.5 percent." 

"The anticipated pause in the BSP's monetary tightening, which eventually materialized after Thursday’s session in its policy meeting, added a boost to market sentiment," he added. 

Plopenio also noted that last-minute buying helped the market close in green, however market participation was still weak. 

Regina Capital Development Corporation Managing Director Luis Limlingan said that "Philippine shares trekked closer to the 6200-level, tracking the gains stateside and on optimism that the BSP will keep the benchmark interest rate steady."

 

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