PSEi slumps below 6,300 as investors seek to reduce holiday risk

MANILA  -Philippine stocks continued to bleed on Friday, dragging the benchmark index below 6,300, ahead of an extended weekend while investors digested the latest Bangko Sentral ng Pilipinas decision to keep interest rates on hold.

The Philippine Stock Exchange index (PSEi) sank 1.17 percent, or 74.70 points, to 6,290 while the broader All Shares index shed 0.77 percent, or 26.39 points, to 3,383.41.

The Monetary Board on Thursday kept the key policy rate at 6.25 percent for a third consecutive meeting on expectations that inflation will continue to cool and fall back within the government’s target range by the end of 2023.

Investors also cut their positions as the stock market will be closed for the Ninoy Aquino Day holiday on Aug. 21.

The financial subsector languished the most on Friday, followed by industrial, services, property and holding firms. Mining and oil bucked the trend as it rose 0.24 percent.

A total of 348.61 million shares valued at P4.48 billion changed hands while foreigners were net sellers of about P566.44 million, data from the stock exchange showed.

BDO Unibank Inc. was the top traded stock as it retreated 2.68 percent to P138.20 per share.

It was followed by Ayala Land Inc., down 1.67 percent to P29.50; SM Prime Holdings Inc., down 0.99 percent to P30; JG Summit Holdings Inc., down 2.93 percent to P38.05; and Bank of the Philippine Islands, down 2.03 percent to P111.10 per share.

Overall, there were 104 losers against 66 advancers while 57 companies closed unchanged.