Investors step back from equities to assess BSP’s next move
MANILA -Philippine stocks ended lower on Monday during a relatively quiet session as investors awaited the results of the upcoming Bangko Sentral ng Pilipinas (BSP) policy meeting on Thursday.
By the closing bell, the Philippine Stock Exchange index (PSEi) sank 0.89 percent, or 58 points, to 6,450.34 while the broader All Shares index slid 0.75 percent, or 25.87 points, to 3,441.24.
“The market took a breather and fell below the 6,500 support level as investors await fresh leads, including the BSP’s policy rate decision and guidance,” Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., said in a note to investors on Monday.
“Many market participants are also cautious ahead of important offshore news, including China’s economic stimulus measures as well as Federal Reserve chair Jerome Powell’s congressional testimonies in the US,” he added.
After pause in rate hikes, BSP to mimic US Fed
Asian, European markets drop as China stimulus hopes fade
A total of 483.7 million shares valued at P4.22 billion changed hands while foreigners were net sellers of nearly P500 million. Holding companies underperformed as the subsector led losers with a 1.32-percent drop, followed by property, which slipped 1.09 percent. Mining and oil, the sole gainer, was up 0.95 percent.
Overall, there were 112 losers against 60 advancers while 50 companies closed unchanged.
Ayala Corp. was the top traded stock as it closed flat at P615 per share.
It was followed by SM Prime Holdings Inc., down 1.47 percent to P33.50; BDO Unibank Inc., flat at P140; Bank of the Philippine Islands, down 0.65 percent to P106.30; and Ayala Land Inc., down 0.20 percent to P24.40 per share.
Robinsons Land Corp. was down 1.38 percent to P14.30; ACEN Corp., down 5.09 percent to P5.03; Metropolitan Bank & Trust Co., down 1.12 percent to P53.10; PLDT Inc., up 2.06 percent to P1,286; and Emperador Inc., up 0.46 percent to P21.65 per share. INQ
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.
