PSEi on 6th day losing streak ahead of rate setting

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.

Likewise, the broader All Shares Index shed 0.28 percent, or 10.21 points, to close at 3,700.

A 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.

This 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.

See Also

Investors look to Fed move for momentum

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 subsector.

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.