PSEi pulls back as BSP rate decision comes into focus

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) extended losses on Monday while investors positioned ahead of the Bangko Sentral ng Pilipinas’ (BSP) next policy meeting later this week.

By the closing bell, the PSEi slumped 0.84 percent, or 55 points, to 6,523.15 while the broader All Shares index shed 0.57 percent, or 19.85 points, to 3,491.10.

“Investors are looking at the BSP’s interest rate decision this coming Thursday, and majority are betting [on] the central bank to keep it unchanged,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Monday.

He added local stocks also faced selling pressure as “concerns around US economy resurfaced and dampened investor’s sentiment.”

A total of 1.65 billion shares valued at P4.14 billion changed hands while foreigners were net sellers of an amount worth P7.64 million, data from the stock exchange showed.

The property, services, holding firm, industrial and financial subsectors retreated while mining and oil closed higher.

Bloomberry Resorts Corp. was the top traded company as it slipped 1.07 percent to P11.06 per share on Monday.

It was followed by Ayala Corp., down 2.6 percent to P656; SM Prime Holdings Inc., down 1.79 percent to P33; BDO Unibank Inc., up 0.22 percent to P135.80; and Ayala Land Inc., down 1.13 percent to P26.20 per share.

International Container Terminal Services Inc. was down 1.48 percent to P200; PLDT Inc., down 2.27 percent to P1,207; SM Investments Corp., down 0.27 percent to P924.50; and JG Summit Holdings Inc., down 2.80 percent to P48.60.

Overall, there were 106 losers against 86 gainers while 42 companies closed unchanged.

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