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Manila Bulletin devider Business devider The Stock Market devider Stocks inch up after BSP rate cuts

Stocks inch up after BSP rate cuts

Published Dec 20, 2024 08:24 am

The Philippine Stock Exchange Index (PSEi) ended with a small gain after a strong start, as news of rate cuts were overshadowed by signals of a slower pace of reductions in 2025 as well as by the weakening peso.

The main index added 10.78 points or 0.17 percent to close at 6,406.38 as the Services sector led the advance while interest rate-sensitive Banks and Property firms declined. 

Volume rose to 488 million shares worth P6.95 billion as gainers outnumbered losers 101 to 87 with 49 unchanged.

“Philippine shares closed slightly above following US stocks, which ended mixed on Thursday,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that “locally, the weakening peso dragged the PSEi as slower pace of rate cuts from Fed and BSP weighed on sentiment.”

Philstocks Financial Research Manager Japhet Tantiangco said “the local market rose as investors hunted for bargains following the 7-day decline. Investors also digested the Bangko Sentral ng Pilipinas’ latest policy rate cut.”

He noted that “gains were trimmed in the final minutes, however, as investors were still moving cautiously. Foreigners were still net sellers with net outflows at P777.85 million.”

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