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Manila Bulletin devider Business devider The Stock Market devider Stocks drop ahead of BSP policy meeting

Stocks drop ahead of BSP policy meeting

Published May 15, 2024 09:27 am

The local stock market dropped as investors exercised caution ahead of the Bangko Sentral ng Pilipinas meeting in Thursday.

The main index lost 49.73 points or 0.75 percent to close at 6,558.63 as Conglomerates led the retreat with only the Industrial sector advancing. Volume improved to 464 million shares worth P5.48 billion as losers outnumbered gainers 109 to 80 with 48 unchanged.

“The local bourse slid as investors await the BSP's interest rate decision schedule for tomorrow. Analysts anticipate the BSP will maintain current policy rates due to stable inflation,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

In the US, the PPI exceeded forecasts, dampening expectations of potential rate cuts by the Federal Reserve later this year. Later today, market participants are looking forward to the release of the April CPI, Empire State Manufacturing Survey, retail sales figures, and the NAHB housing market index among others.

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse lost 49.73 points as investors took a cautious stance, selling some shares ahead of the Bangko Sentral ng Pilipinas meeting. Investors were waiting for the BSP’s outlook on inflation as well as on interest rates.”

She added that, “Foreign investors weighed on market performance, registering a net outflow of P87.73 million.

 

Related Tags

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