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Stocks drop on profit taking after Monday rally - BusinessWorld Online

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The benchmark Philippine Stock Exchange index (PSEi) went down by 31.44 points or 0.44% to close at 7,014.04 on Tuesday, while the broader all shares index lost 17.23 points or 0.46% to end at 3,657.92. READ:

PHILIPPINE STOCKS closed lower on Tuesday on profit taking after the main index hit the 7,000 level for the first time since April 2022 on Monday and ahead of the resumption of trading on Wall Street.

“Despite selling pressure coming from the three-day rally, the PSEi managed to stay just above the 7,000 level, as positive market sentiment continues following expectations that central banks would slow interest rate hikes throughout the year,” Unicapital Securities, Inc. Equity Research Analyst Neil Andrew L. Maderaje said in a Viber message.

Meanwhile, at home, Bangko Sentral ng Pilipinas Governor Felipe M. Medalla last week said the central bank is likely to raise benchmark interest rates by 25 or 50 bps at its meeting on Feb. 16 amid the need to anchor inflation expectations.

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