Bangko Sentral ng Pilipinas Governor Felipe Medalla said in an interview with Bloomberg Television over the weekend another interest rate adjustment of between 50 and 75 basis points could be expected next month to reduce the pressure --- READ:
Analysts expect volatile trading this week, as global economic headwinds continue to weigh on market sentiments.
The BSP has raised policy rate by 225 basis points since the start of the year, the most in Southeast Asia. The financial subsector advanced 1.44 percent, while property rose 0.45 percent. Services declined by 2.44 percent; mining and oil by 1.7 percent; holding firms by 1.15 percent; and industrial by 0.85 percent.
Heavy losers included ABS-CBN Corp., which went down 10.1 percent to P7.03; Monde Nissin Corp., down 8.2 percent to P11.50; and JG Summit Holdings Corp., down by 6.7 percent to P41.05. But US Treasury bond yields, a proxy for interest rates, climbed higher, rattling investors nervous about more aggressive moves by central banks to counter inflation.
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Read more »