PH shares fall to lowest level in over a year | Inquirer Business

As fight vs inflation picks up, PH shares fall to lowest level in over a year

/ 02:06 AM October 28, 2023

MANILA  -The Philippine Stock Exchange index (PSEi) sank to its lowest level in over a year as the 6,000 support zone crumbled after the Bangko Sentral ng Pilipinas (BSP) resumed hiking its policy rate at an off-cycle meeting.

The PSEi shed 0.94 percent, or 56.50 points, to 5,961.99 while the broader All Shares index lost 0.60 percent, or 19.55 points, to 3,246.47.

This was the PSEi’s lowest finish since Oct. 14, 2022, data from Reuters showed.


The Monetary Board on Thursday raised the benchmark rate by 25 basis points to 6.5 percent.


“The rate hike is a statement from the BSP that it is determined to bring inflation back to its target,” said Bank of the Philippine Islands (BPI) on Friday. “Inflation expectations may shoot up further if the market doesn’t see any action from the BSP. It might hurt the BSP’s credibility and make it more difficult to bring down inflation,” it added.

All PSE subsectors closed in negative territory during the session, led by holding firms (-1.31 percent) and property (-1.27 percent).

Data from the stock exchange showed 349.83 million shares valued at P3.76 billion changing hands while net foreign selling hit P328.95 million.

BPI was the top-traded stock as it retreated 0.10 percent to P98.90 per share.

It was followed by Ayala Land Inc., down 3.60 percent to P26.80; International Container Terminal Services Inc., down 0.75 percent to P199.50; BDO Unibank Inc., down 0.39 percent to P128.50; and Jollibee Foods Corp., down 2.52 percent to P209.20 per share.

SM Investments Corp. was down 1.04 percent to P805.50; SM Prime Holdings Inc., down 0.33 percent to P30; Ayala Corp., down 0.17 percent to P603; Manila Electric Co., down 2.17 percent to P352.20; and Universal Robina Corp., down 1.79 percent to P110 per share.


Overall, there were 93 losers against 78 advancers, while 53 companies closed unchanged, data from the stock exchange showed.

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TAGS: Business, PSEi

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