Anticipating BSP’s plan, investors move to lock in gains
MANILA -The benchmark Philippine Stock Exchange index (PSEi) slipped on Thursday before the Bangko Sentral ng Pilipinas (BSP) expectedly announced the policy rate would remain unchanged.
By the closing bell, the PSEi shed 0.70 percent, or 45.12 points, to 6,364.97 while the broader All Shares index lost 0.48 percent, or 16.61 points, to 3,409.80.
“Investors locked in their gains ahead of the [Monetary Board’s] policy rate decision announcement,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors.
Data from the stock exchange showed 343.13 million shares valued at P4.92 billion changing hands while foreigners were net buyers of an amount worth P76.1 million.
During their Thursday meeting, the Monetary Board again kept the key policy rate at 6.25 percent. This marks the third consecutive meeting where rates were kept on hold.
Holding firms were the biggest drag among subsectors as the measure dropped 1.64 percent. Mining and oil also slumped 0.92 percent, followed by industrial (-0.84 percent), financials (-0.23 percent) and property (-0.15 percent). Services rose 0.26 percent.
Article continues after this advertisementAyala Land Inc. was the top traded stock as it closed flat at P30 per share. Next were SM Prime Holdings Inc., down 0.33 percent to P30.30, and International Container Terminal Services Inc., up 1.79 percent to P215.80.
In total, there were 95 losers against 74 advancers while 62 companies closed unchanged.
