THE stock market fell below 6,000 during intraday trade and closed at a new low for the year on Wednesday as investors anticipated an off-cycle Bangko Sentral ng Pilipinas (BSP) rate hike. The benchmark Philippine Stock Exchange index, meanwhile, tumbled to as low as 5,974.17 during the day and ultimately shed 36.01 points, or 0.60 percent, to end the day 6,018.49. Managing Director Luis Limlingan said "the street widely expects that the briefing would be an announcement of an off-cycle interest rate hike." "As a result, market participation was weak, with a net value turnover of P2.90 billion, lower than the year-to-date average of P5.05 billion. Volume was thin with just over 428.33 million shares worth some P3.06 billion having changed hands.

Source: Manila Times October 26, 2023 22:42 UTC