Local stock market dips as investors await BSP policy decision

The local stock market gauge declined by 12.05 points, or 0.18 percent, to close at 6,692.91 on Thursday, as last-minute profit-taking weighed on sentiment.

Most sectors were in red territory, with Miners dropping the most by 1.11 percent, followed by Banking, down by 0.77 percent, and Holding Firms by 0.48 percent.

Services and Property indices were the only gainers, climbing by 0.68 percent and 0.02 percent, respectively.

"Investors booking gains is seen as a cautious move while waiting for the BSP’s policy decision," Philstocks Financial Inc. senior research analyst Japhet Tantiangco said.

"Philippine shares closed slightly lower as local traders anticipated the BSP's policy decision set for today," noted Luis Limlingan, head of sales at Regina Capital Development Corp.

The Bangko Sentral ng Pilipinas (BSP) on Thursday cut interest rates by 25 basis points to 6.25 percent. "The interest rates on the overnight deposit and lending facilities were accordingly adjusted to 5.75 percent and 6.75 percent, respectively," BSP Governor Eli Remolona added.

The net market value turnover was P5.17 billion. Advancers edged out Decliners at 103 to 98, while 47 names remain unchanged.

The peso closed at P56.90 to the dollar.