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Friday, September 12, 2014

PH stocks move sideways after BSP hikes rates

The Philippine benchmark index on Friday closed barely unchanged a day after the Bangko Sentral ng Pilipinas embarked on a new round of policy tightening measures.

At the Philippine Stock Exchange, the benchmark index slipped by less than a point to 7,201.88, extending its losing streak to a fourth straight session. The PSE index fell 0.85 percent for the week.

Advancers beat decliners, 86 to 82, while 51 issues were unchanged. Value turnover picked up to P7.16 billion from yesterday's P6.83 billion, as 1.69 billion shares changed hands.

The most actively traded stocks were PLDT, Emperador, BPI, BDO and Universal Robina. The top gainers were Apex Mining, Macroasia and Leisure and Resorts World warrants and common shares, while the biggest losers were Bogo Medellin, Zeus Holdings and United Paragon.

"Investors are still weighing the effect of the Monetary Board's policy actions for yesterday," said Freya Natividad, investment analyst at Papa Securities.

After the market closed yesterday, the BSP hiked its overnight and special deposit account rates by 25 basis points to protect its inflation target for 2015.

In its policy meeting in July, the central bank raised interest rates by 25 basis points for the first time in the last three years.

Investors have been locking in gains since the PSE index reached a 15-month high of 7,314.94 last Monday.

Local markets tracked the flat finish of US stocks overnight. The Dow Jones industrial average shed 0.1 percent to close at 17,049 while the Standard & Poor's 500 added 0.1 percent to 1,997.45.

- Interaksyon

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