Philippine stocks extended their losses Friday, after the less dovish guidance from the Bangko Sentral ng Pilipinas (BSP).
The benchmark Philippine Stock Exchange index lost 34.62 points, or 0.56 percent, to close at 6,155.57, while the broader all-shares index went down by 16.19 points, or 0.44 percent, to settle at 3,686.88.
Analysts said while the BSP reduced its key interest rate by 25 basis points to 5 percent, the BSP hinted that another rate cut for the remainder of the year remains uncertain.
Regina Capital Development Corp. head of sales said the bearish trend continues. as investors had already priced in the latest rate cut.
“Despite the policy easing, sentiment remains cautious as selling pressure persists, suggesting that investors are probably waiting for stronger catalysts before taking an additional risk,” Limlingan said.
Four sectoral indices ended in the red. The decline was led by property, which went down 0.96 percent, followed by service which dropped 0.89 percent. Holding firms and industrial also fell by 0.79 percent and 0.54 percent, respectively.
Mining and oil gained by 1.2 percent, and financial by 0.57 percent.
Value turnover amounted to P6.3 billion. Market breadth was negative, as decliners outnumbered gainers 113 to 89, while 57 stock were unchanged.
Shares of International Container Terminal Services Inc. rose 0.63 percent to P483. DigiPlus Interactive Corp. lost 6.7 percent to P23.
