NextGen Day

Prior to the release of the Bangko Sentral ng Pilipinas’ (BSP) major rate decision, the main stock index closed Thursday virtually unchanged, while the peso traded in a narrow range against the US dollar.

To reach 6,824.63 points, the Philippine Stock Exchange index (PSEi) increased by 0.08 percent, or 5.64 points.

To reach 3,619.77 points, All Shares decreased by 0.003 percent, or 0.11 points.

Industrial, up 0.90 percent, Financials, up 0.58 percent, and Services, up 0.35 percent, all had gains during the day.

In contrast, the value of Mining and Oil, Real Estate, and Holding Firms all decreased by 1.29, 1.21, and 0.11 percent, respectively.

909.51 million shares, or PHP13.76 billion, in thin volume.

At 104 to 96, decliners outnumbered advancers while 40 shares remained the same.

Luis Limlingan, head of sales at Regina Capital Development Corp., stated that investors “stay vigilant” as the BSP meeting is scheduled for later today.

Trading on the local stock exchange ended immediately before the BSP made public the Monetary Board’s decision to raise the key interest rates of the central bank by 50 basis points.

After the off-cycle 75 basis point boost in July of last year, Limlingan claimed that market participants generally anticipated a 50 basis point increase in BSP rates.

He added that the Tuesday decrease in the US market indices during trade was another cause, and he partially attributed it to investors reviewing the minutes from the July Federal Reserve meeting and Target’s income report.

Target, a US-based retailer, stated that its operating income fell to USD321 million in the second quarter of this year, an 87 percent year over year decline.

According to the minutes that were made public, the central bank is dedicated to containing inflation, but it made a suggestion that it would change the rate at which it tightened based on the state of the market.

The local currency fluctuated throughout the day in relation to the US dollar, ending the day at 55.888 from 55.86 on Wednesday.

It started the trading day at 55.85 and ranged in price from 55.975 to 55.755, averaging 55.856.

Volume increased to USD939.3 million from USD918.65 million the day before.

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