MANILA – Local stocks declined after the Federal Reserve’s decision to lower interest rates, while the peso remained stable, closing at 59 to the dollar on Thursday (19 Dec 2024).
The Philippine Stock Exchange Index (PSEi) dropped by 1.14 percent, closing at 6,395.60, while the broader All Shares index also fell by 0.76 percent to 3,671.75.
“Philippine shares continued their downward trend following the Federal Reserve’s 25-basis point rate cut, with the local bourse closing at 6,395.60, down by 1.14 percent,” said Luis Limlingan, managing director of Regina Capital Development Corp.
All market sectors ended in the red, with Mining and Oil experiencing the largest decline at 2.37 percent.
Decliners outpaced advancers, with 126 stocks losing ground compared to 72 that gained.
Meanwhile, the peso moved sideways, closing at 59 to the dollar, slightly up from Wednesday’s 58.99. It opened the day at 59, fluctuated between 58.98 and 59, with a weighted average of 58.99.
Trading volume increased to USD 1.09 billion from USD 884.55 million.
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