Stocks fall for 3rd consecutive day
The benchmark Philippine Stock Exchange index lost 28.03 points or 0.35 percent to finish at 7,858.34 while the broader All Shares index declined 9.27 points or 0.19 percent to end at 4,699.52. File
MANILA, Philippines - Local stocks resumed their slump yesterday after the Bangko Sentral ng Pilipinas (BSP) kept rates steady and the global oil market continued to head south.
The benchmark Philippine Stock Exchange index lost 28.03 points or 0.35 percent to finish at 7,858.34 while the broader All Shares index declined 9.27 points or 0.19 percent to end at 4,699.52.
All the other counters likewise closed in negative territory expect for the financials index, which remained steady at 1,928.84, up 6.11 points or 0.31 percent.
Total value turnover reached P8.68 billion. Market breadth was negative as decliners outpaced gainers, 102 to 98, while 47 issues were left unchanged.
“BSP keeps rates steady and inflation is expected at 3.1 percent of 2017, three percent for 2018 and 2019,” noted Lexter Azurin, head of research at Unicapital.
As widely expected, the BSP kept interest rates unchanged yesterday, saying inflation remains well within the central bank’s target range.
“The Monetary Board decided to maintain the interest rate on the BSP’s overnight reverse repurchase (RRP) facility at three percent,” the BSP said in a statement.
“The corresponding interest rates on the overnight lending and deposit facilities were also kept steady. The reserve requirement ratios were likewise left unchanged, it added.
The central bank said it saw no reason to hike rates, despite the uptick in inflation in the past few months.
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