Investors cautious ahead of Bangko Sentral rate setting

MANILA, Philippines — The local bourse slipped below 6,600 on Wednesday as investors anxiously awaited the latest interest rate decision of the Bangko Sentral ng Pilipinas’ (BSP), which is expected to mirror the pause in the United States.

By the closing bell, the benchmark Philippine Stock Exchange Index shed 0.75 percent, or 49.73 points, to close at 6,558.63.

The broader All Shares Index likewise dipped by 0.36 percent, or 12.49 points, to 3,499.42.

Stock exchange data showed that 464.18 million shares valued at P5.48 billion changed hands.

READ: Investors stay on sidelines; index clings to 6,600

“Analysts anticipate [that] the BSP will maintain current policy rates due to stable inflation,” said Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.

The central bank will announce its latest policy rate stance on Thursday, May 16.

Holding firms lost the most—by 1.62 percent—followed by banks, which declined by 1.22 percent.

Index heavyweight SM Investments Corp. was the top-traded stock as it slipped by 2.37 percent to P866 each. —Meg J. Adonis