PSEi gains as investors buckle up for another Fed rate hike
The benchmark Philippine Stock Exchange index (PSEi) saw a rebound after a two-day holiday as investors placed bets before the influential US Federal Reserve’s rate-setting meeting Wednesday.
The PSEi bounced higher by 0.86 percent, or 52.81 points, to 6,206.24 while the broader All Shares index added 0.61 percent, or 19.72 points, to 3,277.01.
The US Fed is expected to raise interest rates by another 75 basis points to further slow the pace of surging consumer prices.
At the same time, Bangko Sentral ng Pilipinas Governor Felipe Medalla said last week he would vote to match policy moves in the US to help bring down inflation to the Philippines’ target range of 2-4 percent next year.
Many economists believe domestic inflation has yet to peak after it jumped to 6.9 percent last September.
Meanwhile, trading volume rose as 496.3 million shares valued at P6.3 billion changed hands.
PSE subsectors were mixed with property, holding firms and financials climbing while services, mining and oil and industrial stocks slumped.
BDO Unibank Inc. was the top traded stock as it gained 1.49 percent to P129.20 per share.
It was followed by Ayala Land Inc., up 6.67 percent to P27.20; International Container Terminal Services Inc., down 6.07 percent to P162.50; SM Investments Corp., up 2.8 percent to P843; and Ayala Corp., down 1.65 percent to P656 per share.
Bank of the Philippine Islands was down 2.08 percent to P94; Semirara Mining and Power Corp., down 3.29 percent to P33.80; SM Prime Holdings Inc., up 2.54 percent to P32.30; Globe Telecom Inc., down 3.96 percent to P2,230; and Jollibee Foods Corp., down 2.24 percent to P226.80 per share.
Overall, there were 105 advancers against 74 losers while 47 companies closed unchanged, stock exchange data showed. —Miguel R. Camus, INQ
