The Philippine Stock Exchange index (PSEi) saw a decline as investors opted to cash out of the market ahead of the approaching holidays.
On Thursday, the main index dropped by 51.52 points or 0.79 percent, ending the day at 6,469.23. The Property sector led the retreat, while Banks went against the trend. Trading volume escalated to 1.99 billion shares valued at P8.64 billion. Losers outnumbered gainers, with 122 to 71, and 46 stocks remained unchanged.
Regina Capital Development Corporation Managing Director Luis Limlingan remarked, “Philippine stocks closed lower as investors have cashed in profits, resulting in the Dow snapping its nine-day winning streak.” He also noted that despite the recent dovish shift on interest rates, the local bourse managed to stay above the 6,400-level.
Meanwhile, Philstocks Financial Research and Engagement Officer Mikhail Plopenio commented on the day’s market performance, stating that Wall Street’s overnight profit-taking influenced the local market’s drop. Plopenio also highlighted the impact of the Bangko Sentral ng Pilipinas Governor Eli Remolona’s hawkish statements regarding policy rates, which weighed on the market sentiment and caused the index to dip below the 6,500 level for the entire session.