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On the domestic front, we start the week off with MPI’s delisting today, and then... nothing. On the international front, we should hear about America’s initial jobless claims and consumer price index data for September on Friday morning.
PSE [PSE 175.00, down 0.1%; 69% avgVol] [link] announced that its guidelines for short selling will “take effect immediately”, moving the market “one step closer” to full implementation of short selling on the exchange. The guidelines indicate that the PSE has expanded the shares that are eligible for short selling (PSEi, plus MidCap and DIvY), and that there will be a 10% cap on short interest that will be measured on a per-company basis.
The Bangko Sentral ng Pilipinas (BSP) [link] announced yesterday, after the market close, that it would hold interest rates steady for September. This followed the overnight decision of the US Federal Reserve to do the same. The BSP’s Governor, Eli Remolona, said that the latest BSP projections “show a slightly higher inflation path”, but that inflation is still projected by the BSP to “revert to the 2 to 4 percent target range by Q4 2023”. Mr. Remolona qualified this projection, saying that the stated timeline applies “in the absence of further supply-side shocks.” While the BSP Governor said that any rate cuts are “off the table” for this year, he could not say the same for further rate hikes coming as soon as the Monetary Board’s next meeting in November.