PSEi falls to 6,100 as investors cash in gains ahead of BSP rate cut

The Philippine Stock Exchange index (PSEi) declined further on Thursday, dropping back to the 6,100 level as investors cashed in gains ahead of Bangko Sentral ng Pilipinas' (BSP) rate-setting meeting.

Financials led sectoral losses with a 2.41% drop, followed by Property, Services, Holding Firms, and Industrial sectors, while the Mining and Oil index rose by 0.45 percent.

Volume on Thursday reached PHP7 billion as investors positioned themselves in response to the BSP's widely-expected rate cut of 25 basis points, bringing its policy rate to 5%.

The peso weakened against the US dollar, closing at 57.12 from its previous level of 57.16, adding pressure on the market.

Despite the decline, BSP Governor Eli M. Remolona Jr. indicated that further easing might be possible if the economy weakens considerably.