PSEi drops below 6,000 after rate hike, peso slump
The local stock barometer fell below the 6,000 level amid heavy selling pressure following the Bangko Sentral ng Pilipinas (BSP)’s recent rate hike and the continued slump of the peso against the dollar.
The Philippine Stock Exchange index (PSEi) fell below 6,000 levels due to a rate hike by the Bangko Sentral ng Pilipinas (BSP) and a continued decline of the peso against the dollar. The PSEi slipped by 0.8 percent or 48.25 points to 5,956.33, marking the fourth consecutive day of decline. The broader All Shares index also decreased by 0.61 percent or 20.51 points, closing at 3,318.99.
Luis Limlingan of Regina Capital attributed the drop to intense selling pressure, with MSCI Philippine Index rebalancing impacting market volume. The central bank's decision to hike interest rates by 25 basis points further dampened investor sentiment. The peso weakened to a record low of 62.265 to $1, down from the previous all-time low of 61.888.
Among the sectors, mining and oil showed the highest gain at 1.91 percent, while financials experienced the most significant loss at 1.78 percent. Trading volume was robust, reaching P18.81 billion, with market breadth remaining negative at 120 decliners to 88 advancers, and 49 issues unchanged. Ayala Land emerged as the top traded stock, rising by 0.26 percent to P15.54 per share, followed by ICTSI with a gain of 0.45 percent to P885, while BDO Unibank fell by 3.01 percent to P116.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
