Index weakens as pundits await BSP

The local stock index opened the trading week with a 34.44 points, or 0.52 percent, decline to close at 6,613.36 as investors await the Bangko Sentral ng Pilipinas (BSP) policy meeting this week.

Most sectors were in the red, with Mining and Oil losing the biggest by 1.72 percent, followed by holding Holding Firms, down by 1.52 percent, and Banking by 0.60 percent.

Services was the only one in green, rising by 1.29 percent.

Among the indices, Po family-led Century Pacific Food, Inc. was the top gainer, increasing 2.79 percent.

Steady rates priced in

“Investors are seen to be pricing in the possibility that the BSP will still hold policy rates unchanged in light of the recent inflation, labor market, and GDP figures,” Philstocks Financial Inc. senior research analyst Japhet Tantiangco said in a Viber message.

Besides waiting for Central Bank policy rates, Philippine investors kept to cash as many awaited the latest results of the MSCI rebalancing while also waiting for the start of the US’ trading week, Regina Capital Development Corp. head of sales Luis Limlingan said.

The net market value turnover was P3.52 billion as one hundred five Decliners egged 79 Advancers and 52 names unchanged.

The peso closed at P57.31 from a dollar.