BSP’s anticipated interest rate halt continues to impact PSEi’s performance

PSE FILE PHOTO

In Manila, the Philippine Stock Exchange Index (PSEi) experienced further declines on Thursday as the Bangko Sentral ng Pilipinas (BSP) confirmed expectations for a pause in interest rate hikes.

By the end of the trading day, the PSEi had fallen by 0.30 percent, or 19.3 points, to 6,404.91. The broader All Shares Index also decreased by 0.27 percent, or 9.12 points, to 3,417.69.

The BSP Monetary Board decided to maintain the key policy rate at 6.25 percent. BSP Governor Felipe Medalla stated that the average inflation for the year had been revised downward from 5.5 percent to 5.4 percent, still above the target range of 2-4 percent.

READ: BSP keeps key rate unchanged at 6.25%

Prior to the decision, Metropolitan Bank & Trust Co. issued a bulletin stating that the BSP’s policy rate would remain unchanged in the next two to three meetings, as the bank expects inflation to fall within the target band of 2 percent to 4 percent by the third quarter of 2023.

A total of 926.13 million shares valued at P5.45 billion were traded, with foreigners net selling an amount worth P102.45 million.

Services performed well on Thursday, while industrial, mining and oil, property, financials, and holding firms experienced declines.

Ayala Land Inc. was the most traded stock, with a 1.72 percent increase to P23.70 per share. Losers outnumbered advancers, with 106 to 73, while 47 companies remained unchanged.

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