PSEi back at 8,100 ahead of MB decision
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Thu, 07 Feb 2019 17:09:49 +0000
THE stock market finished stronger on Thursday as investors bet on monetary authorities keeping key interest rates unchanged.
The benchmark Philippine Stock Exchange index (PSEi) rose by 0.52 percent or 41.85 points to close at 8,100.30 while the wider All Shares grew 0.27 percent or 13.09 points to finish at 4,906.57.
Timson Securities Inc. trader Jervin de Celis said market players took positions ahead of the Monetary Board’s first policy meeting for 2019.
Results of the meeting were announced after markets closed for the day.
As expected, monetary authorities paused anew from adjusting interest rates after five consecutive hikes last year, citing “more manageable inflation.”
January’s 4.4-percent inflation marked a 10-month law. It was also the third straight month that consumer price growth had slowed following increases since the start of 2018.
In a separate comment, Regina Capital Development Corp. head of sales Luis Limlingan said market players were also betting ahead of full-year earnings announcements by listed firms.
The PSEi ignored overnight dips on Wall Street and mixed regional results that saw Tokyo fall 0.59 percent and Shanghai and Hong Kong add 1.30 percent and 0.21 percent, respectively.
In Manila, only the industrial and services sectors ended in the red, both down 0.04 percent.
Volume turnover stood at 3.43 billion shares valued at P7.4 billion.
Losers led winners, 115 to 96, while 47 issues remained unchanged.
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