PH equity mart cheers BSP’s inflation-busting move | Inquirer Business
STOCK MARKET

PH equity mart cheers BSP’s inflation-busting move

/ 02:14 AM November 18, 2022

The benchmark Philippine Stock Exchange index (PSEi) crawled above 6,400 on Thursday as the Bangko Sentral ng Pilipinas (BSP) delivered an expected interest rate increase of 75 basis points.

The PSEi ended the session at 6,403.74, up 0.18 percent or 11.65 points, while the broader All Shares index rose 0.36 percent, or 12.30 points, to 3,388.60.

ADVERTISEMENT

The rate hike was expected after BSP Governor Felipe Medalla announced he would match the 75-point increase recently implemented by the US Federal Reserve in an effort to fight soaring inflation.

The local interest rate, which will jump to 5 percent, will take effect on Nov. 18.

FEATURED STORIES

Meanwhile, trading volume remained elevated with 582.7 million shares valued at P7.3 billion changing hands.

Foreigners were net sellers in the amount of P557.13 million, data from the stock exchange showed.

Subsectors closed mixed as industrial, property and holding firms rose while financials, services and mining and oil pulled back.

Universal Robina Corp. was the top traded stock as it rose 2.72 percent to P132.20 per share.

It was followed by BDO Unibank Inc., down 0.39 percent to P128.50; Ayala Land Inc., up 2.52 percent to P28.50; SM Investments Corp., down 0.34 percent to P867; and Converge ICT Solutions Inc., down 0.53 percent to P15 per share.

PLDT Inc. was up 1.68 percent to P1,578; AbaCore Capital Holdings Inc., up 3.83 percent to P2.71; International Container Terminal Services Inc., down 1.76 percent to P184.20; Jollibee Foods Corp., down 0.41 percent to P242; and Bank of the Philippine Islands, down 0.83 percent to P95.80 per share.

Overall, there were 95 advancers against 83 losers while 48 companies closed unchanged, data from the stock exchange showed.

The business headlines in under one minute

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

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: interest rate hike, Philippine Stock Exchange index (PSEi)
For feedback, complaints, or inquiries, contact us.

Curated business news

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



© Copyright 1997-2023 INQUIRER.net | 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.