Philippine stocks were off to a rough start this week as the benchmark index tilted lower, underscoring continued risk aversion ahead of the Bangko Sentral ng Pilipinas’ (BSP) interest rate-setting meeting on Thursday, Feb. 16.
By the closing bell, the benchmark Philippine Stock Exchange index (PSEi) lost 0.55 percent, or 38.03 points, to 6,838.76 while the broader All Shares index sank 0.28 percent, or 10.21 points, to 3,642.96.
“So far, economists are split as to whether the BSP will rate the benchmark rates at a slower pace of 25 bps [basis points] or keep the adjustment level at 50 bps,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Monday.
PSE subsectors were mixed, with mining and oil, industrial and financials climbing while holding firms, property and services declined.
A total of 1 billion shares valued at P6.6 billion changed hands while foreigners were net sellers of an amount totaling P373 million.
BDO Unibank Inc. was the top traded stock as it added 0.72 percent to P126.40 per share.
It was followed by Metro Pacific Investments Corp., up 4.27 percent to P4.40; GT Capital Holdings Inc., up 3.77 percent to P550; and SM Investments Corp., down 0.56 percent to P895.
Overall, there were 101 advancers against 99 losers while 39 companies closed unchanged. INQ
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