PSEi falls as rate-cut frenzy fades

Investors continued to dump stocks on Thursday as they struggled to find optimism amid a lack of positive catalysts.

The benchmark Philippine Stock Exchange Index (PSEi) pulled back further, shedding 1.14 percent or 83.87 points to close at 7,283.79.

Meanwhile, the broader All Shares Index slipped by 1.07 percent, or 43.37 points, to 4,007.39.

A total of 776.27 million shares worth P3.80 billion changed hands, stock exchange data showed. According to Philstocks Financial Inc., this is significantly lower than the year-to-date average of P5.18 billion.

READ: Asian traders struggle after Wall St losses as US yields spike

All subsectors were painted red, with banks registering the steepest loss at 1.77 percent as the country’s top banks dipped.

Japhet Tantiangco, senior analyst at Philstocks, said the PSEi’s decline was still due to the lack of positive catalysts, especially since frenzy over the Bangko Sentral ng Pilipinas’ recent interest rate cut had ended.

BDO Unibank Inc. was the top-traded stock as it shed 0.31 percent to P162.80.

It was followed by Bank of the Philippine Islands, down 3.34 percent to P139; Ayala Land Inc., down 0.99 percent to P35; Ayala Corp., down 0.07 percent to P719.50; and International Container Terminal Services Inc., which was one of the few gainers with a 0.49-percent climb to P409 each.

Other actively traded stocks were PLDT Inc., down 2.36 percent to P1,445 and Metropolitan Bank and Trust Co., down 1.28 percent to P77. —Meg J. Adonis