The benchmark Philippine Stock Exchange index (PSEi) went down by 55.35 points or 0.79% to close at 6,881.26 on Tuesday, while the broader all shares index dropped by 18.93 points or 0.51% to end at 3,655.75. READ:
STOCKS continued to decline on Tuesday on faster-than-expected January inflation that fueled expectations of another big rate hike by the Bangko Sentral ng Pilipinas .
“The PSEi dropped as it became clear inflation is far from peaking, which has created scope for debt markets to bid up interest rates reflected in the retail Treasury bonds’ 5.5-year coupon rate of 6.125% and dashed BSP pivot hopes,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in the Viber message.
The Monetary Board raised benchmark interest rates by 350 bps in 2022, bringing its key rate to 5.5%.
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