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Manila Bulletin devider Business devider Stocks lower prior to BSP meeting

Stocks lower prior to BSP meeting

Published Feb 13, 2023 04:09 pm

Local share prices started the week lower as investors wait for the Bangko Sentral’s rate-setting meeting on Thursday.

The main index dropped 38.93 points or 0.55 percent to close at 6,838.76 with sectoral indices evenly split but weighed down by losses of Conglomerates. A total of 1 billion shares worth P6.6 billion changed hands with gainers a hair ahead of losers at 101 to 99 while 39 were unchanged.

“Philippine shares were sold to start the week as investors will keep their focus on the MB's policy-setting meeting on Feb 16,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “So far, economists are split as to whether the BSP will rate the benchmark rates at a slower pace of 25bps or keep the adjustment level at 50bps.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse fell as investors await the meeting of the Bangko Sentral ng Pilipinas (BSP) as well as the US inflation rate that could influence the decision of the Federal Reserve on interest rates.”

She added that, “Back at home, the strong demand in January raises the possibility that the BSP will hike interest rates by 50 bps but some are still seeing the BSP hiking by 25 bps only despite the higher-than-expected inflation in January.”

Related Tags

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