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Saturday, May 18, 2024

Stocks fell Thursday on new interest rate hike

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Philippine stocks fell Thursday as investors braced for another round of interest rate hike which the Bangko Sentral ng Pilipinas (BSP) announced after the trading hours.

The 30-company Philippine Stock Exchange index dropped 36.01 points, or 0.60 percent, to close at 6.018.49, while the broader all-shares index slipped 22.81 points, or 0.69 percent, to settle at 3,266.02.

“Concerns over an off-cycle rate hike by the BSP, which eventually materialized this afternoon as the BSP decided to increase benchmark interest rate by 25 basis points weighed on the market,” Philstocks Financial Inc research analyst Mikhail Plopenio said.

Plopenio said worries over the ongoing conflict in the Middle East were also keeping investors on the sidelines.

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