Stocks trade sideways prior to BSP meeting

The local stock market moved sideways while waiting for the Bangko Sentral meeting which started after trading ended.

The main index inched up 5.64 points or 0.08 percent to close at 6,824.63 with sectoral indices evenly mixed. Volume rose to 909 million shares worth P13.76 billion as losers overtook gainers 104 to 96 while 40 were unchanged.

“Investors remained vigilant ahead of the BSP meeting later today as the market traded slightly higher,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “At the same time the five-day rally in the U.S. equities lost steam on Tuesday due to the miss in Target’s earnings and as investors digest the minutes from the Fed’s latest meeting.”

Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse gained, bucking the trend in Asian markets, as investors anticipated the rate hike of the Bangko Sentral ng Pilipinas (BSP).”

She added that, “Moreover, net foreign buying of P696.10 million helped lift the index.”

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Credit belongs to : www.mb.com.ph

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