PLUS7777
jlbet PSEi snaps 7-day red run after BSP’s rate cut
2024-12-21
FILE PHOTO: Philippine Stock Exchange Index (PSEi). INQUIRER FILES
MANILA, Philippines — The Philippine Stock Exchange index (PSEi) snapped a seven-day losing streak after investors hunted for bargains, allowing the local bourse to end the week in the green.
The benchmark Philippine Stock Exchange Index (PSEi) rose by 0.17 percent or 10.78 points to close at 6,406.38, while the wider All Shares Index climbed by 0.11 percent or 4.08 points to close at 3,675.83.
Article continues after this advertisementPhilstocks Financial Inc. senior analyst Japhet Tantiangco said the PSEi got a boost after the Bangko Sentral ng Pilipinas (BSP) implemented a third rate cut this year, bringing the interest policy down to 5.75 percent.
FEATURED STORIES BUSINESS Trump threatens tariffs if EU doesn't buy more oil, gas BUSINESS Percentage of Filipinos with savings dips to over 3-year low BUSINESS Fitch Ratings sees further growth in PH Islamic financingREAD: Asian markets mixed as traders digest Fed’s hawkish pivot
Still cautious“Gains were trimmed in the final minutes, however, as investors were still moving cautiously,” he said. “Foreigners were still net sellers with net outflows at P777.85 million.”
Article continues after this advertisementAll subsectors were in the green except for financials and property indices, which fell by 1 percent and 0.4 percent, respectively.
free spins no deposit required keep your winningsArticle continues after this advertisementOver 488.17 million shares valued at P6.95 billion were traded. Gainers led losers, 101-87, while 49 issues were unchanged.
Comments from top Federal Reserve officials suggesting they would like to see a slower pace of rate cuts tempered hopes for another bumper cut at the bank’s next meeting, while Middle East worries pushed gold to a new record.
Article continues after this advertisementThe most actively traded shares were that of International Container Terminal Services Inc., rising by 1.3 percent to P390 each.
This was followed by Ayala Land Inc., down 0.4 percent to P24.80; BDO Unibank Inc., down 2.3 percent to P144.60; Bank of the Philippine Islands, down 0.41 percent to P121.50; SM Investments Corp., up 0.68 percent to P883; and AREIT Inc., down 0.67 percent to P37.15.
Article continues after this advertisementOther active names were SM Prime Holdings, down 0.4 percent to P24.80; Ayala Corp., down 0.08 percent to P593.50; PLDT Inc., down 1.42 percent to P1,252; and DMCI Holdings, down 1.53 percent to P10.32.
—TYRONE JASPER C. PIADSubscribe to our daily newsletter