Rate hike forecast perks up PSEI amid slow crawl to 7,000
The benchmark Philippine Stock Exchange Index (PSEi) ended marginally higher on Monday as investors weighed the latest view by Fitch Ratings that market-supportive low interest rates could move up faster than expected in 2022.
The PSEi ended the session higher by 0.07 percent, or 4.73 points, to 6.956.26 while the broader all-shares index rose 0.15 percent, or 6.31 points, to 4,329.95.
Fitch Ratings said on Monday the Bangko Sentral ng Pilipinas (BSP) could hike the key policy rate from 2 percent this year to 2.75 percent in 2022, which was more aggressive than its initial forecast of 2.5 percent.
It cited external factors such as policy decisions by the US Federal Reserve and domestic inflationary pressures.
By the closing bell on Monday, subsectors ended mixed, with services, holding firms and industrials ending positive while mining and oil, financials and property stocks sank.
Data from the PSE showed a total of 1.64 billion shares valued at P7.6 billion changing hands. There were 120 losers versus 78 advancers, while 42 companies closed unchanged.
International Container Terminal Services Inc. was the most actively traded on Monday as it gained 4.62 percent to P204 per share.
It was followed by AC Energy Corp, up 3.42 percent to P12.10; Monde Nissin Corp., up 1.66 recent to P20.25; Converge ICT Solutions Inc., up 2.74 percent to P37.50; and Bank of the Philippine Islands, down 2.07 percent to P80.30 per share.
Other actively traded stocks were Aboitiz Power Corp., up 4.75 percent to P34.20; PLDT Inc., down 0.06 percent to P1,699; Universal Robina Corp., down 1.59 percent to P130; Ayala Land Inc., down 0.15 percent to P33.90; and SM Investments Corp., down 0.52 percent to P960 per share. INQ
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