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Manila Bulletin devider Business devider The Stock Market devider Stocks retreat after BSP rate hike

Stocks retreat after BSP rate hike

Published Oct 26, 2023 09:16 am

The local market retreated after posting gains in the previous day as investors anticipate the Bangko Sentral ng Pilipinas' (BSP) decision to impose an off-cycle rate hike. 

The main index dropped by 36.01 points or 0.60 percent closing at 6,018.49 with losses seen in all sectoral indices. 

Volume of shares traded ended at P428 million worth P3 billion as losers significantly exceed gainers 115 to 47 with 51 unchanged. 

Regina Capital Development Corporation Managing Director Luis Limlingan said "the local bourse reversed some of its losses as investors braced for a surprise media briefing to be conducted by the Bangko Sentral ng Pilipinas (BSP) this afternoon," with investors expecting the announcement of an off-cycle interest rate hike. 

Meanwhile, Philstocks Financial Research and Engagement Officer Mikhail Plopenio noted that the drop in the local market was due to investors taking "negative cues from Wall Street overnight caused by the climb of the US’ long-term treasury yields." 

"Additionally, concerns over an off-cycle rate hike by the Bangko Sentral ng Pilipinas, which eventually materialized this afternoon as the BSP decided to increase the benchmark interest rate by 25 basis points, weighed on the market," he added. 

Plopenio also said that the PSEi "reached its lowest point of the year at 5,974.17 before returning above the 6,000 level in the second half of the session," with weak market participation and ongoing concerns over the Middle East conflicts. 

 

 

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