RP shares slip as investors take wait-and-see stance

Shares on the Philippine Stock Exchange slipped in moderate trading Thursday as investors wait for the Bangko Sentral ng Pilipinas to make a decision on its key policy rates later in the day. The Philippine Stock Exchange index closed at 3,467.63 points, a 4.7-point or 0.13-percent dip. At least 2.75 billion shares valued at more than P2.95 billion were traded. There were 37 advancers, 67 decliners and 57 stocks unchanged. "However, there's a lot of bullishness that the country's key policy rates would be kept on their low seats," said analyst Martin Santos of First Metro Securities Brokerage Corp. Earlier reports said that the BSP is likely to keep its policy rates with the inflation outlook getting better. The BSP last month kept its key interest rates steady at 4 percent for the overnight borrowing and 6 percent for the overnight lending facilities. Keeping the key policy rates low is "accommodative for growth in property and power sectors," Santos said. Meanwhile, Asian stocks also fell as concerns resurfaced that an economic recovery may stall after reports showed US retail sales declined and the Federal Reserve cut its growth forecast. —JE/VS, GMANews.TV