Stocks, money market close 2022 with year-to-date declines

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Philippine financial markets close 2022 on negative note

The Philippine Stock Exchange Index shed 0.15 points or 0.002% to close at 6,566.39. The index has lost 768.17 points or 10.47% from 7,334.56 on December 29, 2021, the last trading day of the previous year.

“Philippine shares were able to remain flat despite the broad selloff in the US, as recession fears weighed on investor sentiment in a losing week, month, and year,” Luis Limlingan, head of sales at Regina Capital Development Corp., said in a mobile message.More than 1.125 billion shares, valued at P6.165 billion, changed hands during the session. Advancers led decliners, 120 to 68, and 49 issues were unchanged.

Year-to-date, however, the peso has depreciated by P4.756 or 9.3% from the close of P50.999:$1 recorded at the last trading day of 2021. It also“Still relatively weaker peso in recent months could still increase the possibility of further local policy rate hike/s and possibly matching future Fed rate hikes if inflation remains high,” Ricafort said.in its first two meetings in 2023.expected to start decelerating by January 2023.

 

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