—INQUIRER FILE PHOTO

The local bourse continued its descent on Wednesday and ended below 6,500 for the first time in four months as anxious investors awaited the results of interest rate-setting meetings scheduled this week.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) slipped by 0.5 percent, or 32.63 points, to 6,469.08.

Treasury shares are those that a company previously bought back from the market. These can be sold back to the public to raise capital or pull up a stock’s price.

Article continues after this advertisement

The PSEi extended its losing streak to six consecutive trading days. It had last slipped to 6,400 in August, or before the Bangko Sentral ng Pilipinas (BSP) slashed its policy rate for the first time in nearly four years.

FEATURED STORIES BUSINESS PSEi wipes out gains as foreigners exit BUSINESS BIZ BUZZ: MVP enters John Hay BUSINESS Philippines ranks 2nd in cryptocurrency ownership globally — study

READ: Asian markets diverge ahead of Fed news, Nissan soars on merger reports

Likewise, the broader All Shares Index shed 0.28 percent, or 10.21 points, to close at 3,700.

Article continues after this advertisement

A total of 1.39 billion shares worth P5.96 billion changed hands, stock exchange data showed. Foreigners again exited the market, with foreign outflows totaling P487.26 million.

Article continues after this advertisement

This comes ahead of the rate-setting meetings of the BSP and the US Federal Reserve. The BSP will announce its latest monetary policy stance on Thursday, Dec. 19.

Article continues after this advertisement

Japhet Tantiangco, research head at Philstocks Financial Inc., added that traders likewise looked at the peso’s current weakness as it tested the 59 level against the US dollar.

International Container Terminal Services Inc. — the top traded stock as it inched up by 0.93 percent to P389 — helped lift the services sub-sector.

Article continues after this advertisement

Meanwhile, declines at BDO Unibank Inc. (down 4.03 percent to P143) and Bank of the Philippine Islands (down 1.95 percent to P126) dragged banks.

Other actively traded stocks were SM Prime Holdings Inc., down 3.09 percent to P25.10; Metropolitan Bank and Trust Co., up 1.63 percent to P75; Ayala Land Inc., up 0.97 percent to P25.95; and PH Resorts Group Holdings Inc., up 5.36 percent to P0.59 each.

amigo slots

SM Investments Corp. was up by 0.11 percent to P891; Universal Robina Corp., up 2.68 percent to P76.5; and Jollibee Foods Corp., flat at P260 per share.

Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Losers edged out advancershit-bonus, 104 to 83, while 61 companies closed unchanged, stock exchange data also showed.

READ NEXT PSEi on 6th day losing streak ahead of rate setting London’s Heathrow announces airport upgrade EDITORS' PICK CSA tells Yasmien Kurdi to ‘cooperate’ amid ‘bullying’ involving daughter LIST: Banned firecrackers this yuletide season Signing of 2025 GAA deferred for President's review - Bersamin Quad comm seeks crimes against humanity raps vs Duterte, Bato, Bong Go Mary Jane Veloso appeals to Marcos for clemency MMDA issues coding suspension schedule for the holidays MOST READ LIVE UPDATES: Tropical Depression Querubin Atong Ang confirms relationship with Sunshine Cruz in report Quad comm seeks crimes against humanity raps vs Duterte, Bato, Bong Go CSA tells Yasmien Kurdi to 'cooperate' amid 'bullying' involving daughter Follow @FMangosingINQ on Twitter --> View comments