PH shares run out of steam ahead of rate hike decision | Inquirer Business
STOCK MARKET

PH shares run out of steam ahead of rate hike decision

/ 02:10 AM November 17, 2022

The benchmark Philippine Stock Exchange index (PSEi) snapped a three-day winning streak on Wednesday before the Bangko Sentral ng Pilipinas’ (BSP) interest rate-setting meeting on Nov. 17, while net foreign buying surged past the P1-billion mark.

The PSEi shed 0.42 percent, or 26.85 points, to 6,392.09 while the broader All Shares index sank 0.1 percent, or 3.28 points, to 3,376.30.

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The measure pulled back after earlier closing above the 6,400 resistance zone that was identified by analysts. Volume also accelerated as 968.9 million shares valued at P7.23 billion changed hands.

Foreigners were net buyers to the tune of P1.1 billion, data from the stock exchange showed.

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“Philippine shares took a breather after another lighter-than-expected inflation report and as investors looked ahead to [US] retail sales data due [Wednesday night] and the latest BSP meeting Thursday afternoon,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Wednesday.

The inflation reading was in reference to the US producer price index showing wholesale costs rising by a slower-than-expected 0.2 percent in October.

Philippine stock exchange subsectors were mixed on Wednesday as mining and oil, services and property moved up while financials, holding firms and industrial stocks tumbled.

BDO Unibank Inc. was the top traded stock as it lost 3.73 percent to P129 per share.

It was followed by Converge ICT Solutions Inc., up 8.18 percent to P15.08; SM Prime Holdings Inc., down 0.43 percent to P34.80; SM Investments Corp., flat at P870; and Ayala Land Inc., up 1.83 percent to P27.80 per share.

Jollibee Foods Corp. was down 2.02 percent to P243; Ayala Corp., down 2.47 percent to P670; International Container Terminal Services Inc., up 2.01 percent to P187.50; Bank of the Philippine Islands, up 0.99 percent to P96.60; and GT Capital Holdings Inc., down 0.2 percent to P407 per share.

Overall, there were 92 advancers against 82 losers while 49 companies closed unchanged, data from the stock exchange showed.

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TAGS: interest rate hike, Philippine Stock Exchange index (PSEi), Stock Market
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