Business

Index hovers above 8,000 as interest rates steady

Index hovers above 8,000 as interest rates steady

MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) still managed to close above the 8,000 mark yesterday even as the market awaits the Bangko Sentral ng Pilipinas (BSP) decision on interest rates.

The PSEi finished at 8,022.42, up 5.41 points or 0.06 percent while the broader All Shares index rose 8.81 points or 0.18 percent to end at 4,891.38.

This came after the Monetary Board of the BSP kept interest rates unchanged soon after the market closed.

Most of the indexes finished in positive territory as well with the mining and oil sector leading the gain.

The services and property gauges, on the other hand, ended in negative zone.

Total value turnover, reached P6.741 billion. Market breadth was positive, 121 to 71 while 49 issues were left unchanged.

Luis Limlingan of Regina Capital gave this comment: “Investors in the Philippines quietly bought into the market as a precaution ahead of the BSP announcement, while others took profit early morning after it was confirmed the US Fed would maintain their rates.”

The FOMC left the target range for the funds rate unchanged, as expected.

According to Limlingan, the post-meeting statement adopted a dovish bias that emphasized increased uncertainties about the outlook and muted inflation pressures.