PSEi extends losses as properties slump
MANILA -The benchmark Philippine Stock Exchange index (PSEi) extended losses on Friday as large property developers slumped.
This came as the Bangko Sentral ng Pilipinas (BSP) signaled it would prioritize efforts to slow inflation despite ordering a cut in the reserve requirement ratio of banks, which would unleash more liquidity into the financial system.
The PSEi sank 0.49 percent, or 32.21 points, to 6,507.15 while the broader All Shares index lost 0.24 percent, or 8.53 points, to 3,476.18.
The lowering of the reserve requirement ratio will release about P325 billion into the financial system.