Stocks down amid reports of BSP's fewer rate cuts, peso closes flat

By Anna Leah Gonzales

June 18, 2024, 6:15 pm

MANILA – Local shares declined on Tuesday amid reports that the Bangko Sentral ng Pilipinas (BSP) will have fewer interest rate cuts this year, while the peso closed almost flat against the dollar.

The Philippine Stock Exchange index (PSEi) declined by 14.90 points to 6,368.80 while the broader All Shares also went down by 7.21 points to 3,440.54.

"The local bourse opened this shortened-trading week in the red amid talks that the BSP to implement fewer rate cuts this year, taking cues from the US Fed moves," Regina Capital Development Corp. head of sales Luis Limlingan said.

Almost All Sectors closed in the green, led by Industrial which gained 75.08 points.

Financials and Services, however, declined by 38.90 points and 8.26 points, respectively.

Decliners led advancers at 96 to 86, while 51 shares were unchanged.

The peso, meanwhile, was almost flat, closing at 58.62 against the dollar from last week's 58.65 finish.

It opened at 58.68 and traded between 58.6 to 58.73.

The weighted average of the day was at 58.674.

Total volume of trade fell to USD858.53 million from USD1.07 billion last week. (PNA)