Stocks slipped below the 6,000 mark yesterday to their lowest level in a year, bucking the uptrend in other Asian markets, as the Bangko Sentral ng Pilipinas delivered an off-cycle rate hike to further stave off inflation, with analysts penciling in another increase before the year ends.
The 30-company benchmark Philippine Stock Exchange index closed at 5,961.99, down by 56.50 points or 0.94 percent, while the broader All Shares index slipped to 3,246.47, down by 19.55 points or 0.60 percent.
The gains come at the end of a rollercoaster week for equities, but the Middle East crisis continued to cast a shadow as Israel said ground forces had raided central Gaza for a second day. All three main indexes sank Thursday, with the Nasdaq again the worst performer owing to tech firms’ susceptibility to higher borrowing costs.
The reading comes ahead of the bank’s policy decision next week, and while expectations are for it to pause, traders are hoping for guidance for the next few months.Sleep advocates Heart Evangelista, Saab Magalona, LA Aguinaldo share tips for resting on timePhilippines’ first premium bed cinema to open in Uptown BonifacioThe Philippines is inviting Russian investors to explore business opportunities in the country as the two nations aim to strengthen...
Oil giant Petron Corp. has solidified its position as the leading oil company in the country after topping a survey conducted... EZ2/LVM - 9 1 SUERTRES - 9 4 2 6D Lotto - 3 5 7 7 6/45 Lotto - 20 13 5 3 19 29 P8,910,000.00 6/58 Ultra Lotto - 33 22 45 11 16 2 P67,460,083.00
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