Share prices changed little Monday as investors opted to be safe prior to the conclusion of the Bangkok Central meeting later in the week.
The peso was up.
The Philippine Stock Exchange index (PSEi) was up 2.38 points to 6,333.94, a 0.04 percent hike.
The broader all shares index was down 7.17 points to 3,387.78, a 0.21 percent drop.
Losers edged gainers 108 to 81 with 52 stocks unchanged. Trading turnover reached P3.57 billion.
The peso closed at 54.065 to the dollar, up from 53.75 on Friday.
The currency opened at 53.80, an intraday high, and hit a low of 54.105. Trading turnover reached $1.02 billion.
Investors globally expect more aggressive moves from the Fed, after it said its commitment to containing inflation was “unconditional,” while Fed Governor Christopher Waller on Saturday said he would suppo
Asian currencies were mixed, with the South Korean won down 0.6 percent, at its lowest since March 2020 and one of the worst-performing currencies in Asia this year.
The peso dropped 0.4 percent, touching a more than 3-1/2-year low during the session.
Incoming BSP governor Felipe Medalla has signalled the prospect of a series of rate hikes this year that could extend up to 2023 to tame inflation.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said the market moved sideways “as bargain- hunting efforts were met by selling pressure caused by worries over recession risks in the US’ economy, and continuous build up of inflationary risks here in the Philippines.
“Investors traded cautiously while waiting for the BSP’s policy decision this week. Trading was anemic,” he said.
Most actively traded Globe Telecom Inc. was down P128to P2,092. Converge ICT Solutions Inc. was down P0.85 to P19.30. International Container Terminal Services Inc. was up P4.50 to P199.40. Ayala Land Inc. was steady at P27.80. SM Investments Corp. was up P5 to P790. SM Prime Holdings Inc. was down P0.85to P36.90. Bank of the Philippine Islands was down P1.30 to P93.50. Ayala Corp. was up P2 to P642. Jollibee Foods Corp. was up P4 to P196. BDO Unibank Inc. was up P1.80 to P122.80.
