Stocks slip, peso rebounds to 57:$1 level

MANILA, Philippines — The local market snapped a two-day winning streak after the Bangko Sentral ng Pilipinas (BSP) unexpectedly kept key policy rates unchanged on Thursday.

The benchmark Philippine Stock Exchange index closed the week in the negative territory, declining by 0.85 percent or 51.86 points to 6,061.33.

The broader All Shares index also finished lower, slipping by 0.51 percent or 18.45 points to 3,629.28.

“Philippine shares retreated back below the 6,100 level as investors booked profits after two consecutive sessions of gains, following the BSP’s decision to maintain interest rates,” Luis Limlingan of Regina Capital said.

Limlingan said that the market faced selling pressure as traders reassessed their positions amid a stable policy outlook.

Net value turnover thinned to P4.78 billion from the previous day’s P5.76 billion.

All counters were in the red, except for mining and oil, which climbed by 1.49 percent.

The property index suffered the biggest hit as it plunged by 1.89 percent.

Market breadth was positive with advancers edging out decliners in a tight contest, 82 to 81, while 69 issues were unchanged.

Converge ICT led the index members with a 2.07 percent jump, while ACEN lost the most, declining by 4.86 percent.

Meanwhile, the peso strengthened to 57.83 against the dollar — its strongest level in over a month — buoyed by the BSP’s surprise pause and easing global risks.

The local currency gained 23 centavos yesterday from Thursday’s 58.06 to $1 finish. This was the peso’s strongest close in more than a month or since the 57.91 to $1 close on Jan. 2.