Stocks slightly recover ahead of BSP, Federal Reserve moves

MANILA, Philippines — The stock market was mostly sluggish during the day but managed to recover albeit only slightly as trading winds down.

The benchmark Philippine Stock Exchange index gained 14.79 points, or 0.18 percent, to end at 7,858.20.

Likewise, the broader All Shares index rose 14.20 points, or 0.29 percent, to finish at 4,847.49.

Most of the sectoral indices, meanwhile, finished in positive territory and only the holding firms index ended in the red.

However, total value turnover remained thin at P5.460 billion. Market breadth was positive, 102 to 78 while 68 issues were unchanged.

Traders said some conglomerates partially tempered the market’s climb, causing the holding firms index to drop down by 0.48 percent.

“After a wobbly first half, the local bourse managed to close the trading day higher, backed by anticipation of dovish results of the Federal Reserve and the Bangko Sentral ng Pilipinas,” Philstocks Financials said.

The BSP is scheduled to meet today to decide on key policy rates. Newly appointed BSP Governor Benjamin Diokno has been open about his biased toward monetary easing to help spur economic growth.