PSEi barely moves after anticipated BSP rate hike | Inquirer Business
STOCK MARKET

PSEi barely moves after anticipated BSP rate hike

/ 02:08 AM August 19, 2022

The benchmark Philippine Stock Exchange Index (PSEi) closed nearly flat while subsectors were mixed as the Bangko Sentral ng Pilipinas (BSP) raised rates further to temper soaring inflation.

The PSEi rose 0.08 percent, or 5.64 points, to 6,824.63 while the broader All Shares index shed 0.003 percent, or 0.11 points, to 3,619.77.

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The key policy rate was raised by 50 basis points more to 3.75 percent, effective Aug. 19, following the latest policy meeting on Thursday (See related story on page B1). This follows an unscheduled 75-basis point increase last month.

“[T]he street widely expects a 50-basis point rate hike in the [Monetary Board’s] policy review meeting,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said before the policy meeting was concluded.

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PSE subsectors were mixed with industrial, financials and services moving higher while mining and oil, property and holding firms slipped. A total of 909.5 million shares valued at P13.76 billion changed hands.

Andrew Tan’s Emperador Inc. said parent firm, Alliance Global Group Inc., had sold over P2.15 billion worth of shares over two days at an average price of P19.55 each. There were no details on who acquired the shares.

Top traded

Emperador was the top traded company as it rose 1.99 percent to P20.55 per share.

It was followed by Ayala Land Inc., down 2.72 percent to P28.60; SM Investments Corp., down 0.23 percent to P880; BDO Unibank Inc., down 0.47 percent to P127.60; and SM Prime Holdings Inc., down 0.66 percent to P37.75 per share.

Solar Philippines Nueva Ecija Corp. was down 3.89 percent to P1.73; Ayala Corp., down 0.65 percent to P770; Converge ICT Solutions Inc., up 0.2 percent to P19.70; PLDT Inc., up 1.29 percent to P1,730; and Security Bank Corp., up 1.93 percent to P92.45 per share.

Overall, there were 104 losers against 96 advancers while 40 companies closed unchanged, data from the stock exchange showed.

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TAGS: Philippine Stock Exchange index (PSEi), Stock Market
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