PH equities cheer BSP rate hike | Inquirer Business
Stock market

PH equities cheer BSP rate hike

/ 02:06 AM August 20, 2022

Philippine shares climbed on Friday after the Bangko Sentral ng Pilipinas (BSP) delivered an expected interest rate hike, brushing off central bank Governor Felipe Medalla’s warning of sustained inflationary pressures through the first semester of 2023.

By the closing bell, the Philippine Stock Exchange Index (PSEi) added 0.57 percent, or 39.23 points, to 6,863.86 while the broader All Shares index added 0.44 percent, or 15.80 points, to 3,635.57.

A total of 1.57 billion shares valued at P5.15 billion changed hands while foreign buying narrowly edged out selling by P10.7 million, data from the stock exchange showed.

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The BSP announced a 50-basis point rate hike to 3.75 percent after the stock market closed on Thursday.

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Meanwhile, Medalla said average inflation this year was expected to reach 5.4 percent—higher than the earlier government range of 2 to 4 percent. He added prices could remain “high” until the first half of next year.

Nevertheless, positive sentiments pushed up all PSE subsectors on Friday, led by mining and oil (+3.39 percent) and property (+1.45 percent).

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Ayala Land Inc. was the top traded stock as it added 3.32 percent to P29.55 per share.

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It was followed by San Miguel Corp., flat at P101; International Container Terminal Services Inc., up 0.54 percent to P187; SM Prime Holdings Inc., up 0.53 percent to P37.95; and Solar Philippines Nueva Ecjia Corp., down 2.31 percent to P1.69 per share.

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Converge ICT Solutions Inc. was down 0.81 percent to P19.54; Security Bank Corp., down 2.11 percent to P90.50; Universal Robina Corp., up 1.6 percent to P127; Filinvest REIT Corp., up 0.81 percent to P6.22; and Monde Nissin Corp., down 0.37 percent to P16.30 per share.

Overall, there were 113 advancers against 80 losers while 49 companies closed unchanged, PSE data showed.

—Miguel R. Camus
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TAGS: Philippine Stock Exchange index (PSEi), Stock Market

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