PSEi on 6th day losing streak ahead of rate setting
—INQUIRER FILE PHOTO
The local bourse continued its descent on Wednesday and ended below 6,500 for the first time in four months as anxious investors awaited the results of interest rate-setting meetings scheduled this week.
By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) slipped by 0.5 percent, or 32.63 points, to 6,469.08.
The PSEi extended its losing streak to six consecutive trading days. It had last slipped to 6,400 in August, or before the Bangko Sentral ng Pilipinas (BSP) slashed its policy rate for the first time in nearly four years.
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Likewise, the broader All Shares Index shed 0.28 percent, or 10.21 points, to close at 3,700.
Article continues after this advertisementA total of 1.39 billion shares worth P5.96 billion changed hands, stock exchange data showed. Foreigners again exited the market, with foreign outflows totaling P487.26 million.
Article continues after this advertisementThis comes ahead of the rate-setting meetings of the BSP and the US Federal Reserve. The BSP will announce its latest monetary policy stance on Thursday, Dec. 19.
Japhet Tantiangco, research head at Philstocks Financial Inc., added that traders likewise looked at the peso’s current weakness as it tested the 59 level against the US dollar.
International Container Terminal Services Inc. — the top traded stock as it inched up by 0.93 percent to P389 — helped lift the services sub-sector.
Meanwhile, declines at BDO Unibank Inc. (down 4.03 percent to P143) and Bank of the Philippine Islands (down 1.95 percent to P126) dragged banks.
Other actively traded stocks were SM Prime Holdings Inc., down 3.09 percent to P25.10; Metropolitan Bank and Trust Co., up 1.63 percent to P75; Ayala Land Inc., up 0.97 percent to P25.95; and PH Resorts Group Holdings Inc., up 5.36 percent to P0.59 each.
SM Investments Corp. was up by 0.11 percent to P891; Universal Robina Corp., up 2.68 percent to P76.5; and Jollibee Foods Corp., flat at P260 per share.
Losers edged out advancers, 104 to 83, while 61 companies closed unchanged, stock exchange data also showed.
