5-mo 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.
A total of 595.34 million shares worth P6.03 billion changed hands, stock exchange data showed.
Foreigners continued to shed their shares as foreign outflows totaled P997.59 million.
The 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.
Also actively traded were Ayala Corp., down 1.66 percent to P594 and Universal Robina Corp., down 0.78 percent to P75.90.
