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Manila Bulletin devider Business devider Stocks slightly lower ahead of BSP meeting

Stocks slightly lower ahead of BSP meeting

Published Feb 16, 2023 04:22 pm

The local stock market ended slightly lower after investors sold down shares just before closing.

The main index shed 6.18 points or 0.09 percent to close at 6,815.91 witj sectoral indices evenly split. Volume jumped to 1.2 billion shares worth P12.23 billion as losers beat gainers 102 to 80 with 54 unchanged.

“Philippine shares closed slightly lower even after a stronger-than-expected January retail sales report was released, which suggested that the Fed may have further to go in its efforts to tame inflation,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Investors remained on the sidelines ahead of the latest BSP meeting.”

Philstocks Financial Research and Engagement Officer Mikhail Plopenio said “The local market declined due to last-minute profit-taking. Investors secured gains ahead of the Bangko Sentral ng Pilipinas’ monetary policy decision to avoid losses in case there will be hawkish statements from the central bank.”

He noted that, “Investors also anticipated an aggressive 50 basis point interest rate hike which then weighed on the market.”

For the most part of the day, the bourse has been trading in the green territory fueled by the positive cues from Wall Street amid stronger-than-expected January retail sales report, and the 3.6 percent full-year growth of the country’s Overseas Filipinos remittances.

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Mikhail Philippe Plopenio Philstocks Financial
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