The benchmark Philippine Stock Exchange index (PSEi) yesterday closed lower as investors digested news on the slower inflation rate, which was expected, and the surprise appointment of Budget Secretary Benjamin Diokno as the new governor of the Bangko Sentral ng Pilipinas.
On Tuesday, the PSEi ended at 7,670.62, down 0.06 percent or 4.85 points, while the broader all-shares index also lost 0.17 percent or 8 points to 4,740.90.
Markets reacted as inflation slowed to 3.8 percent in February. This brought the level to within the government’s full-year target range of 2-4 percent.
But as markets cheered more stable prices, they also took stock of statements made by Diokno, how he noted that apart from price stability, the BSP under his watch would also steer monetary policy to support economic growth.
In terms of subsectors, property, mining and oil were the biggest losers as they saw declines of 0.81 percent and 0.75 percent, respectively. Services saw the biggest increase at 1.15 percent.
A total of 3.5 billion shares valued at P6.62 billion changed hands on Tuesday. Decliners outnumbered gainers 115 to 89 while 46 companies closed unchanged.
Property giant Ayala Land Inc. was the most actively traded yesterday as it gained 0.82 percent to P43.25 per share.
It was followed by SM Prime Holdings Inc., down 2.99 percent to P37.35, International Container Terminal Services Inc., down 0.18 percent to P112.80, JG Summit Holdings, up 1.06 percent to P66.90 and SM Investments Corp., up 0.16 percent to P941.50 per share.