MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) ended in positive territory yesterday, gaining 29.51 points or 0.41 percent to close at 6,952.59, while the broader All Shares gauge rose 12.63 points, or 0.30 percent at 4,254.87.
Across the region, Asian stocks were up on signs China and US may be taking steps to de-escalate their trade dispute.
The local sectoral gauges were mixed, but majority closed in the red.
Total value turnover reached P6.509 billion. Market breadth was positive but just by a hairline, 90 to 89 and 48 issues were unchanged.
Luis Limlingan of Regina Capital said “Philippine shares climbed higher with bets being made ahead of the BSP’s policy meeting as there has been no clear consensus with regard to the outcome later.”
Recent comments by BSP Governor Espenilla suggest that a modest policy rate hike remains on the table to “seal the deal and firmly anchor inflation expectations”.
He said with the more hawkish BSP commentary, in addition to the considerable uncertainty around inflation outcomes in coming months with possible impact from the recent typhoon on top of existing food supply issues and the potential for larger second round effects, the BSP may indeed take a hawkish stance.
True enough, the BSP raised rates by 25 basis points yesterday.