Speculations the Bangko Sentral ng Pilipinas will have fewer rate cuts this year prompted investors to 'wait and see,' pushing the local bourse down on Tuesday,
The Philippine Stock Exchange index (PSEi) fell 14.90 points to 6,368.80, while the broader All Shares index also fell 7.21 points to 3,440.54.
"The local bourse opened this shortened-trading week in the red amid talks that the BSP will implement fewer rate cuts this year, taking cues from the US Fed moves," Regina Capital Development Corp. head of sales Luis Limlingan said.
Almost All Sectors closed in the green, led by Industrial, which gained 75.08 points.
Financials and Services declined by 38.90 points and 8.26 points, respectively.
Decliners led advancers at 96 to 86, while 51 shares were unchanged.
The peso, meanwhile, was almost flat, closing at 58.62 against the dollar, down from last week's 58.65.
It opened at 58.68 and traded between 58.6 to 58.73.
The weighted average of the day was 58.674.
The total trade volume fell to $858.53 million from $1.07 billion last week.
Comments