Stocks slip as PH mulls over fate of battered economy

The benchmark Philippine Stock Exchange Index (PSEi) eased lower a day before new strict lockdown measures were implemented in Metro Manila and as the Central Bank signaled challenges to economic recovery.

By the closing bell, the PSEi went down 0.58 percent, or 37.94 points, to 6,547.27 while the broader all-shares index dropped 0.42 percent.

Malacañang earlier announced that Metro Manila would be placed anew under enhanced community quarantine from Aug. 6 to Aug. 20 to curb the spread of the more contagious Delta variant.

Meanwhile, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said they were prepared to keep domestic interest rates low to support the pandemic-induced economic slump.

“The country’s road to recovery will not be easy,” Diokno warned in a statement. “We will continue to monitor recent developments, here and abroad, and assess their impact on the inflation outlook, financial stability and growth.”

On Thursday, all subindices closed in the red save for services and industrial, which gained 0.65 percent and 0.46 percent, respectively.

Property fell the most with a 2.63-percent drop, followed by mining and oil, down 0.55 percent, and financials, down 0.51 percent.

Data from the Philippine Stock Exchange showed almost 962 million shares valued at P4.76 billion changing hands on Thursday. Decliners outnumbered advancers, 108 to 80, while 34 companies closed unchanged.

International Container Terminal Services Inc. was the most actively traded on Thursday as it gained 1.26 percent to P177 per share.

It was followed by AC Energy Corp., up 3.07 percent to P8.74; Ayala Land Inc., down 2.4 percent to P32.50; BDO Unibank Inc., down 1.68 percent to P111; and SM Prime Holdings, down 3.23 percent to P32.95 per share.