Philstar
PSEi down as rate cut fails to lift investor sentiment
The Philippine Stock Exchange Index (PSEi) declined on Friday, ending the week in the red territory.
The PSEi lost 0.32 percent, closing at 6,037.79 points, while the All Shares Index also saw a decrease of 0.23 percent.
A surprise 25-basis-point interest rate cut by the Bangko Sentral ng Pilipinas (BSP) did not boost market sentiment.
Investors remained cautious due to the weakening peso against the US dollar and the BSP's dovish tone.
The BSP cited soft domestic demand and governance issues surrounding public infrastructure spending for the rate cut.
All sectors ended in the negative territory, except for industrial, which improved.
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