Recession fears weaken index
Most investors were seen on the sidelines waiting for the interest rate decision of the BSP, with a net market turnover of P3.97 billion
Daily TribuneMost investors were seen on the sidelines waiting for the interest rate decision of the BSP, with a net market turnover of P3.97 billion
The Philippine Stock Exchange index slipped anew on Thursday amid heightened fears of a global recession.
The benchmark weakened by 48.27 points to 6,566.80, 0.73 percent lower than the other day's close amid fears of high interest rates.
"In the US, the US Federal Reserves raised policy rates by 50 bps, in line with investors' expectations. However, Fed's signal that high-interest rates may stay longer caused negative sentiment," Philstocks Financial, Inc. assistant manager for research and online engagement Claire Alviar said.
"Most investors were seen on the sidelines waiting for the interest rate decision of the BSP, with a net market turnover of P3.97 billion. After trading, the BSP released its decision, raising rates by 50 bps, in line with the expectation," she added.
BSP move expected
Luis Limlingan, Head of Sales at Regina Capital Development Corp, said the decision of the BSP was expected in the street view, especially after the Fed's rate hike decision.
"Locally, investors shifted their attention to BSP's policy meeting, where the decision came out right after trading at 3p.m.," he added.
