5-month low: PSEi slips to 6,300 level
Although the Bangko Sentral ng Pilipinas (BSP) eased its monetary policy on Thursday, it came too late to save the local bourse from falling to a five-month low as investors digested a less optimistic American central bank.
By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) tumbled by 1.14 percent, or 73.48 points, to 6,395.6, its lowest since July.
Likewise, the broader All Shares Index dipped by 0.76 percent, or 28.25 points, to close at 3,671.75.
READ: Global stocks mostly fall as US Treasury yields climb
A total of 595.34 million shares worth P6.03 billion changed hands, stock exchange data showed.
Article continues after this advertisementForeigners continued to shed their shares as foreign outflows totaled P997.59 million.
Article continues after this advertisementThe local stock market closed just minutes after the BSP had decided to cut rates for overnight borrowing by 25 basis points to 5.75 percent during its last rate-setting meeting for the year.
As a result, traders had instead priced in the Federal Reserve’s projection of fewer rate cuts next year due to persistently high inflation in the United States, said Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.
All subsectors were painted red, with only three index members– including BDO Unibank Inc., up 3.5 percent to P148 — closing the day with gains.
Bank of the Philippine Islands was the top-traded stock as it slipped by 3.17 percent to P122, followed by Ayala Land Inc., down 4.05 percent to P24.90; International Container Terminal Services Inc., down 1.03 percent to P385; and SM Prime Holdings Inc., down 0.8 percent to P24.90 each.
Other actively traded stocks were Ayala Corp., down 1.66 percent to P594; Universal Robina Corp., down 0.78 percent to P75.90; Metropolitan Bank and Trust Co., down 2.27 percent to P73.30; AREIT Inc., down 1.32 percent to P37.40; and SM Investments Corp., down 1.57 percent to P877 per share.
Losers overpowered gainers, 126 to 72, while 41 companies closed unchanged, stock exchange data also showed.
