PH stocks up despite BSP rate hike | Inquirer Business
Stock market

PH stocks up despite BSP rate hike

/ 05:22 AM May 21, 2022

Philippine shares rose on Friday even after the Bangko Sentral ng Pilipinas (BSP) started its monetary tightening cycle—normally viewed as a negative for stocks—with a 25-basis point interest rate hike late Thursday.

The benchmark Philippine Stock Exchange (PSE) Index rose 1.3 percent, or 86.28 points, to 6,746.33 while the broader all-shares index was up 1.27 percent, or 45.46 points, to 3,613.24.

PSE shares were higher alongside most regional indices after China ordered an interest rate cut to support economic growth, especially its housing sector.


Gains on Friday also came after the BSP announced its first interest rate increase since 2018 to tame rising consumer prices. This indicated the decision was mostly priced in by investors.


Some of the biggest movers on Friday were real estate giants SM Prime Holdings Inc. and Ayala Land Inc. The property subsector rose 3.6 percent.

It was followed by mining and oil, up 2.88 percent; industrial, up 1.54 percent; holding firms, up 0.72 percent; financials, up 0.62 percent; and services, up 0.58 percent.

Meanwhile, PSE data showed 2.92 billion shares valued at P7.16 billion changing hands. There were 131 advancers against 62 decliners while 43 companies closed unchanged.

SM Prime Holdings Inc. was the most actively traded on Friday as it jumped 4.28 percent to P37.80 per share.

It was followed by Ayala Land Inc., up 3.76 percent to P29; Converge ICT Solutions Inc., up 0.18 percent to P28.05; Monde Nissin Corp., up 1.78 percent to P15.98; and BDO Unibank Inc., down 2.2 percent to P128.90 per share.

Rounding out the active stocks list were International Container Terminal Services Inc., down 0.57 percent to P210.20; Semirara Mining and Power Corp., up 3.17 percent to P32.50; PLDT Inc., up 1.59 percent to P1,982; Universal Robina Corp., up 1.89 percent to P108; and Globe Telecom, up 0.32 percent to P2,506 per share.

—Miguel R. Camus
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Philippine Stock Exchange (PSE) Index, Stock Market

© Copyright 1997-2024 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.