MANILA — Stocks dipped today amid reports suggesting the Bangko Sentral ng Pilipinas (BSP) may enact fewer interest rate cuts this year, while the peso held steady against the dollar.
The Philippine Stock Exchange index (PSEi) fell 14.90 points to 6,368.80, with the broader All Shares also declining by 7.21 points to 3,440.54.
“The local market opened the week on a downward trend following indications that the BSP might reduce its rate cuts this year, aligning with actions from the US Federal Reserve,” noted Luis Limlingan, head of sales at Regina Capital Development Corp.
Sector performance varied, with the Industrial sector leading gains with a 75.08-point increase. However, Financials and Services sectors dropped by 38.90 and 8.26 points, respectively.
Declining stocks outnumbered advancers 96 to 86, while 51 stocks remained unchanged.
Meanwhile, the peso closed nearly unchanged at 58.62 against the dollar, compared to last week’s 58.65. It opened at 58.68 and traded within the range of 58.6 to 58.73, with a weighted average rate of 58.674 for the day.
Total trade volume decreased to USD 858.53 million from USD 1.07 billion the previous week.
(ia/mnm/PNA)
