Cautious investors end brief market rally in Philippines

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The stock market snapped its brief two-day climb as investors stayed on a wait-and-see mode ahead of the BSP's policy meeting.

The Philippine Stock Exchange index dropped by 0.75 percent or 49.73 points to end yesterday's session at 6,558.63.

The broader All Shares index, likewise, slipped by 0.36 percent or 12.49 points to settle at 3,499.42.

Aside from waiting for the interest rate outlook of the Bangko Sentral ng Pilipinas, Philstocks Financial's Claire Alviar said investors were waiting on inflation outlook as well.

'Investors took a cautious stance, selling some shares ahead of the Bangko Sentral ng Pilipinas meeting,' Alviar said.

'Foreign investors weighed on market performance, registering a net outflow of P84.66 million,' she said.

yesterday's net market value turnover stood at P4.76 billion.

'The local bourse slid as investors await the BSP's interest rate decision schedule on Thursday. Analysts anticipate the BSP will maintain current policy rates due to stable inflation,' Luis Limlingan of Regina Capital said.

All counters were in the red, except for industrial, which climbed by 0.81 percent.

Holdings firms took the biggest hit as it dropped by 1.62 percent, while financials plunged by 1.22 percent.

Market breadth remained negative as decliners crushed advancers, 109 to 80, while 48 issues were unchanged.

ACEN, which has been added to the MSCI Small Cap Index, surged by 9.41 percent.

Meanwhile, Aboitiz Equity Ventures, which will be removed from the large cap effective May 31, fell by 3.52 percent.