PSEi tests 6900 amid no surprise BSP policy reveal

PSEi tests 6,900 amid no-surprise BSP policy reveal

/ 02:12 AM February 16, 2024

MANILA  — The Philippine benchmark index flirted with the 6,900 level on Thursday as the Bangko Sentral ng Pilipinas (BSP) kept the key interest rate untouched during its first policy meeting for the year.

By the closing bell on Thursday, the Philippine Stock Exchange Index (PSEi) touched a high of 6,918.15 before finishing at 6,882.15, up 0.4 percent or 27.62 points. The broader All Shares Index also gained 0.37 percent, or 13.32 points, to 3,601.55.

The Monetary Board (MB), the highest policymaking body of the BSP, kept its key rate at 6.5 percent, which was widely expected by analysts.


READ: BSP keeps policy rate unchanged, as expected


The result of the meeting, which had been conducted on Wednesday, was announced after the stock market closing on Thursday.

“Local shares edged higher as investors [waited] for the MB’s policy meeting decision today. As widely expected by the consensus, the MB left the key benchmark interest rate untouched at 6.5 percent,” said Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development.

READ: Asian markets mostly up, tracking Wall Street gains

Data from the stock exchange showed that 582.23 million shares valued at P5.31 billion changed hands while foreigners made net purchases of P631.54 million.

PSE subsectors mostly saw gains, with industrial and services leading the way, posting increases of 1.04 percent and 0.73 percent, respectively.

BDO Unibank Inc. was the top traded stock as it gained 1.11 percent to P154.30 per share.  INQ

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TAGS: BSP, interest rate, Wall Street

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