PH shares further rise on anticipated rate decision
Philippine shares were mostly higher on Friday after the Bangko Sentral ng Pilipinas (BSP) kept the key interest rate at a record low 2 percent—a decision that was widely expected.
The benchmark Philippine Stock Exchange Index (PSEi) rose 0.60 percent, or 42.23 points, to 7,124.84 while the broader all-shares index added 0.41 percent, or 15.24 points, to 3,774.59.
BSP Governor Benjamin Diokno said on Thursday price pressures could push up the average inflation in 2022 to 4.3 percent—above its 3.7-percent forecast last month. This could ease back to 3.6 percent the following year.
“Inflation expectations have likewise risen but continue to be anchored to the 2-4 percent target band,” Diokno said.
The Monetary Board also kept the overnight deposit and lending facilities unchanged at 1.5 percent and 2.5 percent, respectively, during its Thursday meeting.
PSE subsectors were mostly higher while property and mining and oil dropped. Financials gained 1.27 percent, followed by services, up 1.24 percent; holding firms, up 0.39 percent; and industrial, up 0.37 percent.
Article continues after this advertisementA total of 599.16 million shares valued at P5.48 billion changed hands. PSE data showed 93 advancers against 84 decliners while 52 companies closed unchanged.
Article continues after this advertisementConverge ICT Solutions Inc. was the most actively traded on Friday as it gained 2.52 percent to P28.50 per share.
It was followed by Ayala Land Inc., flat at P36; Universal Robina Corp., up 3.63 percent to P117; SM Prime Holdings Inc., down 0.66 percent to P37.70; and PLDT Inc., up 1.04 percent to P1,850 per share.
Other big movers were GMA Network Inc., up 0.76 percent to P15.90; International Container Terminal Services Inc., up 0.90 percent to P224; BDO Unibank Inc., up 1.92 percent to P132.50; SM Investments Corp., up 1.36 percent to P897; and Globe Telecom, up 3.05 percent to P2,638 per share.
