Stocks slip ahead of BSP rate decision

MANILA, Philippines —  The local stock market finished in the red territory, with investors staying on the sidelines ahead of a Bangko Sentral ng Pilipinas (BSP) policy meeting.

The benchmark Philippine Stock Exchange index slipped by 0.48 percent or 29.14 points, ending its two-day winning streak as it closed at 5,989.56.

The broader All Shares index also declined by 0.34 percent or 11.41 points to settle at 3,376.12.

Luis Limlingan of Regina Capital said the market retreated from early gains as investors turned cautious ahead of the today’s BSP policy meeting.

“Trading sentiment remained guarded, with participants opting to stay on the sidelines pending clearer policy direction,” Limlingan said.

AB Capital Securities said attention has shifted to the BSP decision, with a 25-basis-point hike largely priced in after the 4.1 percent inflation surprise.

All sectors were in the red, except for services which increased by 0.56 percent. Holding firms was the biggest loser, dropping by 1.04 percent.

Trading was weak as total turnover value thinned to P5.96 billion from the previous day’s P6.91 billion.

Decliners squashed advancers, 105 to 83, while 66 issues were unchanged.

BDO Unibank emerged as the session’s top traded stock, plunging by 1.24 percent to P119 per share, followed by ICTSI and PhilWeb which rose by 0.86 percent and 2.41 percent, respectively, to P706 and P11.88.