PSEi snaps 7-day red run after BSP’s rate cut
FILE PHOTO: Philippine Stock Exchange Index (PSEi). INQUIRER FILES
MANILA, Philippines — The Philippine Stock Exchange index (PSEi) snapped a seven-day losing streak after investors hunted for bargains, allowing the local bourse to end the week in the green.
The benchmark Philippine Stock Exchange Index (PSEi) rose by 0.17 percent or 10.78 points to close at 6,406.38, while the wider All Shares Index climbed by 0.11 percent or 4.08 points to close at 3,675.83.
Philstocks Financial Inc. senior analyst Japhet Tantiangco said the PSEi got a boost after the Bangko Sentral ng Pilipinas (BSP) implemented a third rate cut this year, bringing the interest policy down to 5.75 percent.
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Still cautious
“Gains were trimmed in the final minutes, however, as investors were still moving cautiously,” he said. “Foreigners were still net sellers with net outflows at P777.85 million.”
Article continues after this advertisementAll subsectors were in the green except for financials and property indices, which fell by 1 percent and 0.4 percent, respectively.
Article continues after this advertisementOver 488.17 million shares valued at P6.95 billion were traded. Gainers led losers, 101-87, while 49 issues were unchanged.
The most actively traded shares were that of International Container Terminal Services Inc., rising by 1.3 percent to P390 each.
This was followed by Ayala Land Inc., down 0.4 percent to P24.80; BDO Unibank Inc., down 2.3 percent to P144.60; Bank of the Philippine Islands, down 0.41 percent to P121.50; SM Investments Corp., up 0.68 percent to P883; and AREIT Inc., down 0.67 percent to P37.15.
Other active names were SM Prime Holdings, down 0.4 percent to P24.80; Ayala Corp., down 0.08 percent to P593.50; PLDT Inc., down 1.42 percent to P1,252; and DMCI Holdings, down 1.53 percent to P10.32.
