Still reeling from US President Donald Trump’s trade wars, the market has come under greater pressure from the upcoming Bangko Sentral ng Pilipinas (BSP) policy meeting on Thursday.
Claire Alviar, analyst at Philstocks Financial Inc., said the bellwether index slipped off the 6,000-point psychological level on Tuesday as investors remained fixated on Trump’s trade tariffs while waiting for other catalysts.
“Moreover, investors were looking ahead to the Bangko Sentral ng Pilipinas’ meeting this week,” she said.
The PSEi fell 49.37 points or 0.82 percent to 5,987.75 at the closing bell. The broader All Shares index shed 10.24 points or 0.28 percent at 3,607.07.
Decliners led gainers 106 to 78, while 55 stocks closed unchanged. Tuesday’s trading value reached nearly P6 billion.
“Except for the banking sector, all other sectors ended in the red during this session. The property sector suffered the largest loss at 2.81 percent, followed by the services sector, which declined by 2.23 percent,” Alviar said.
Michael Ricafort, chief economist at lender RCBC, said “dovish signals from local monetary officials that could support a 0.25 rate cut as early as the next BSP rate-setting meeting” cushioned the bellwether from a steeper decline.
Most actively traded International Container Terminal Services Inc. shed P16.60 to close at P16.60. Bank of the Philippine Islands declined by P0.70 to P128. BDO Unibank Inc. closed up P5.20 at P140.80. SM Prime Holdings Inc. shed P1.30 to P23.30. Metropolitan Bank and Trust Co. gained P1.65 to P71.45. Ayala Land Inc. dropped P0.50 to P24. DigiPlus Interactive Corp. added P1.20 to settle at P33.20. Jollibee Foods Corp. climbed P3.40 to P236. SM Investments Corp. rose P1 to P794. China Banking Corp. dropped P1.10 to P83.50.
