Following the central bank’s monetary policy decision to raise interest rates, companies like National Commercial Bank (NCB) and Scotia Group Jamaica have started to see a decline in the value of their stocks.
This movement in the market has dragged down the overall value of the Jamaica Stock Exchange (JSE) main index, as NCB and Scotia Group still make up a large component of the overall index.
“Since the BOJ’s rate hike, we’ve seen further selling off of stocks from persons exiting their positions. Persons are rushing to get their exit, which is pushing down the index,” noted young investor and business writer at the Jamaica Observer David Rose, while speaking on Taking Stock with Kalilah Reynolds.
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