PSEi slumps below 6,300 as investors seek to reduce holiday risk

MANILA -Philippine stocks continued to bleed on Friday, dragging the benchmark index below 6,300, ahead of an extended weekend while investors digested the latest Bangko Sentral ng Pilipinas decision to keep interest rates on hold. The Philippine Stock Exchange index (PSEi) sank 1.17 percent, or 74.70 points, to 6,290 while the broader All Shares index shed 0.77 percent, or 26.39 points, to 3,383.41. The Monetary Board on Thursday kept the key policy rate at 6.25 percent for a third consecutive meeting on expectations that inflation will continue to cool and fall back within the government's target range by the end of 2023. Investors also cut their positions as the stock market ...

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