PSEi eases down as BSP cuts policy rate

Philippine shares slipped below the 6,700 level on Thursday as anxious investors gauged the Bangko Sentral ng Pilipinas’ (BSP) next move on interest rates.

The benchmark Philippine Stock Exchange Index (PSEi) shed 0.18 percent, or 12.05 points, to close at 6,692.91.

Meanwhile, the broader All Shares Index ended flat at 3,628.15 as it went down by 0.03 percent, or 1.15 points.

READ: BSP cuts policy rate, a first in almost 4 years

The market closed just minutes before the BSP announced a cut on its key policy rate by 25 basis points to 6.25 percent.

This was the first rate cut in nearly four years. Zobel family-led developer Ayala Land Inc. was the top-traded stock as it gained by 1.59 percent to P32 per share.

A total of 462.44 million shares worth P5.5 billion changed hands as foreigners made net purchases worth P3.58 million, stock exchange data showed. —Meg J. Adonis