Connect with us

Hi, what are you looking for?


Shares lose momentum ahead of BSP decision

By Denise A. Valdez, Senior Reporter

LOCAL SHARES moved in red territory on Thursday to pull back from the market’s rally in the past two days.

The benchmark Philippine Stock Exchange index (PSEi) lost 54.16 points or 0.76% to close at 6,997.62 on Thursday while the broader all shares index shed 17.33 points or 0.41% to end at 4,127.54.

“Philippine shares took a breather as the recent rally took an inevitable pause… Investors are also awaiting the outcome of the latest BSP (Bangko Sentral ng Pilipinas) meeting this afternoon before making any move,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message on Thursday.

In a BusinessWorld poll of 16 analysts last week, 11 said they expect the monetary board to continue its “prudent pause” on cutting benchmark policy rates, citing excess liquidity and a likely increase in government spending.

Banks were outliers in Thursday’s trading as most PSEi members ended lower, AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail. Sixteen out of 30 blue chip stocks posted losses, while 11 gained and three closed flat.

“The sideways movement tells us that most are willing to hold on to positions in the hopes that prices may go higher in the near-term driven by a strong fourth quarter…. The general sentiment remains optimistic, which is evident in the movement of second-liners and speculative issues,” he added.

US stocks were down overnight: the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite indices fell 1.16%, 1.16% and 0.82%, respectively. Asian stocks were mixed when the local bourse closed on Tuesday.

“Market was down in line with regional markets on profit taking as US will implement stricter restrictions as (coronavirus) infection rates worsen,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message.

Several US cities have rolled out stricter measures to mitigate the spread of coronavirus following a surge in cases to 11.53 million as of Thursday, based on data by Johns Hopkins University.

Back home, most sectoral indices at the PSE ended Thursday’s session lower: holding firms by 121.91 points or 1.66% to 7,198.75; mining and oil by 121.87 points or 1.5% to 7,959.88; property by 25.49 points or 0.71% to 3,520.08; industrials by 52.92 points or 0.57% to 9,114.80; and services by 1.54 points or 0.09% to 1,550.21. Financials was the only index that gained, rising 21.56 points or 1.57% to 1,391.00 at the end of session.

Some 11.78 billion issues valued at P11.12 billion switched hands on Thursday, lower than the previous day’s 12.34 billion issues valued at P10.93 billion.

Advancers beat decliners, 114 against 99. Some 60 names ended unchanged. Net foreign selling ballooned to P1.09 billion on Thursday from the P375.18 million recorded in the previous session.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



By Keisha B. Ta-asan, Reporter PHILIPPINE BANKS will continue to see improved profits this year, supported by better margins following the central bank’s rate...


THE PHILIPPINE government’s move to grant value-added tax (VAT) refunds for foreign tourists is expected to boost the tourism industry’s recovery from the coronavirus...


By Luisa Maria Jacinta C. Jocson, Reporter THE GOVERNMENT should diversify its major growth drivers to rely less on consumption as household spending is...


By Arjay L. Balinbin, Senior Reporter SMEC Philippines, Inc., a unit of Singaporean infrastructure and urban development consultancy company Surbana Jurong Group, said it...


THE Securities and Exchange Commission (SEC) warned the public against putting money in three entities, which are soliciting investments without first securing a license....


DMCI Holdings, Inc. and Union Bank of the Philippines are seen to improve their liquidity and stock valuation after their re-entry to the Philippine...

You May Also Like


Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...


The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.