MANILA, June 23 (PNA) — Local share prices returned to the 7,500 level on Tuesday ahead of the Bangko Sentral ng Pilipinas (BSP) policy meeting.
The barometer Philippine Stock Exchange index (PSEi) declined 57.58 points or 0.76 percent to 7,551.56 from Monday’s 7,609.14 close.
Jun Calaycay of Accord Capital Equities Corp. said the BSP Monetary Board meets on Thursday to decide on whether it is appropriate to raise or cut interest rates or leave current settings at four to six percent.
Calaycay said the BSP will also be considering the forward implications of a change in United States (US) interest rate settings.
”Anticipations that the US Federal Reserve will tweak rates before the current year ends has already strengthened the dollar against other major currencies –further boosted by the weakness in the euro as a solution to Greece’s debt problem remains in the balance and the Japanese economy, though having emerged from its recession, continues to post soft numbers,” he said.
All counters were in negative territory, except financials that advanced slightly.
Trading volume reached 744.59 million valued at Php6.06 billion.
Decliners dominated advancers, 92 to 70, while 50 issues were unchanged. (PNA)