Stocks slip on BSP decision

The local stock index on Thursday slipped for the fifth session in a row, falling again below 6,700, ahead of the Bangko Sentral ng Pilipinas’ monetary setting.

The main-share Philippine Stock Exchange index shed 3.74 points, or 0.06 percent, to close at 6,699.39.

Elsewhere across the region, trading was mostly upbeat as investors took their cue from an upbeat Wall Street which, in turn, cheered the news from the US Federal Reserve that interest rates could remain low for some time.

At the local market, however, all eyes were on the BSP’s monetary setting (see story above).

The day’s decline was led by the financial, industrial, holding firm and property counters. On the other hand, mining/oil (+3.48 percent) led the day’s gainers. Philex Mining surged by 14.58 percent on news that the suspension on its Padcal mine had been lifted.

The index was weighed down by DMCI and URC, which both fell by over 1 percent, while ALI, BPI, Megaworld, BDO, Metrobank and GTCAP also faltered.

Apart from Philex, PLDT, AC and ICTSI also managed to temper the PSEi’s decline.

Outside of PSEi stocks, Sinophil (+8.7 percent), which will become the investment holding vehicle of Belle Corp., likewise gained on heavy volume.  Doris C. Dumlao