PSEi retests 6,500 ahead of rate setting
MANILA – The benchmark Philippine Stock Exchange index (PSEi) reclaimed the 6,500 level on Tuesday during a low-volume session as sellers took a breather ahead of potential interest rate adjustment this week.
By the closing bell, the PSEi climbed 1.24 percent, or 79.73 points, to 6,530.75 while the broader All Shares index rose 1.07 percent or 36.84 points, to 3,493.50.
A total of 545.92 million shares valued at P4.78 billion changed hands while foreigners were net sellers amounting to P33.74 million. “Investors remain optimistic ahead of the [Monetary Board] policy meeting on March 23.
Finance Secretary Benjamin Diokno said the recent global developments may prompt central banks all over the world to slow the pace of rate hikes.
Thus, he said the only options are to hike by 25 [basis points] or to keep rates unchanged on Thursday,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors.
The US Federal Reserve will also wrap up its policy meeting on Wednesday.
All PSE subsectors were higher on Tuesday, with services taking the lead, followed by mining and oil, financials, property, holding firms and industrial stocks.
SM Investments Corp. was the top traded stock as it climbed 1.87 percent to P900 per share.
SM Prime Holdings was flat at P34 while International Container Terminal Services rose 2.07 percent to P202.
—Miguel R. Camus INQ
Inflation movements to set policy rates, says BSP
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.