Stocks extend losing streak

MANILA, Philippines — Local stocks continued its descent as investors took a cautious approach ahead of the Bangko Sentral ng Pilipinas (BSP)’s policy meeting.

The Philippine Stock Exchange index extended its losing streak, declining by 0.07 percent or 4.39 points to end at 6,741.07.

The broader All Shares index, however, finished in the opposite direction as it increased by 0.12 percent or 4.41 points at 3,559.59.

Claire Alviar of Philstocks Financial said the local bourse inched down amid the shortened trading week.

“Many also maintained a cautious stance while waiting for the meeting of the BSP. Although it has already been anticipated that they would keep interest rates unchanged, investors were waiting for the BSP’s outlook on the inflation rate amid lingering risks,” Alviar said.

As widely expected, the central bank’s Monetary Board decided to leave interest rates untouched during its second rate-setting meeting for the year.

“After trading, the monetary board announced the retention of interest rates at 6.50 percent, as expected,” she said.

Net market value turnover stood at P4.21 billion.

Local sectors were mixed at three apiece. Leading those in the positive territory was mining and oil, which climbed by 1.1 percent, while holding firms took the biggest drop for the day at 0.49 percent.

Market breadth was positive as advancers beat decliners, 104 to 88, while 52 issues were unchanged.

PLDT recorded the highest gain among index members at 3.88 percent, while Semirara Mining and Power lost the most at 11 percent.