Philippine stocks tumbled Thursday, pulling the main index back below the 6,200 level, despite a 25-basis-point rate cut by the Bangko Sentral ng Pilipinas (BSP).
The 30-company Philippine Stock Exchange index (PSEi) ended at 6,190.19, down 83.15 points, or 1.33 percent. The broader all-shares index closed at 3,703.07, down 28 points or 0.75 percent.
Philstocks Financial Inc. research head Japhet Tantiangco said investors booked gains from Wednesday’s rally and were cautious while waiting for the Bangko Sentral ng Pilipinas’ (BSP) policy outlook.
The BSP on Thursday reduced its policy interest rate by 25 basis points to 5.0 percent and kept its 2025 inflation forecast at 1.7 percent.
“The peso’s weak position against the dollar also weighed on the market this Thursday,” Tantiangco said.
Among the sectoral indices, only mining and oil ended in the positive territory, up 0.45 percent. Financial and property sectors were the biggest decliners, down 2.41 percent and 1.45 percent, respectively.
Value turnover was a tepid P5.85 billion, below the year-to-date average of P6 billion.
Foreign investors were net sellers, with outflows reaching P769.82 million.
ACEN Corp. was the day’s biggest index gainer, as its share price jumped 3.21 percent to P2.25. The renewable energy company reported that its 600-megawatt monsoon wind project in Lao PDR had achieved commercial operation, four months ahead of schedule.
BDO Unibank Inc. was the laggard, with its share price declining 3.35 percent to P135.50.
