PSE investors await Fed, BSP rate decisions | Inquirer Business
Stock market

PSE investors await Fed, BSP rate decisions

/ 02:10 AM December 14, 2022

The benchmark Philippine Stock Exchange index (PSEi) continued to consolidate at the 6,500 level before the outcome of critical interest rate setting meetings in the United States and the Philippines are concluded over the next two days.

The PSEi shed 0.04 percent, or 2.82 points, to 6,582.38 while the broader All Shares index slipped 0.16 percent, or 5.34 points, to 3,431.65.

Trading activity was also stable as 705.24 million shares valued at P5.42 billion changed hands while foreigners were net sellers to a tune of P434.87 million.

Article continues after this advertisement

The influential US Federal Reserve (US Fed) will hold its meeting on Wednesday, when it was expected to raise rates by another 50 basis points (bps).

FEATURED STORIES

This would likely set the tone for the Bangko Sentral ng Pilipinas’ meeting scheduled on Thursday.

Mike Enriquez, president of Sun Life Investment Management and Trust Corp., said on Tuesday the US Fed was expected to continue raising rates through the first half of 2023.

Article continues after this advertisement

“A 50-bp hike is expected for this month. Two meetings will follow in 2023 with the same expected hike (50 bps) for each meeting,” briefing materials from the Philippine-based investment firm showed on Tuesday.

Meanwhile, PSE subsectors ended mixed with property, financials and services gaining ground while mining and oil, holding firms and industrial stocks tumbled.

—Miguel R. Camus INQ
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

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

TAGS: interest rate hikes, monetary board, PSEi, US Federal Reserve

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

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

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.