PSEi drops on MSCI rebalancing

Philippine shares plunged on Friday on the helm of the rebalancing of the Morgan Stanley Capital International (MSCI), closing the week lower by almost 2 percent.

 

The main PSEi dropped by 136.18 points or 1.93 percent to 6,927.07 while the broader All Shares index fell by 59.69 points or 1.47 percent.

 

A total of 719.982 million shares valued at P16.417 billion changed hands. Losers led winners, 111 to 60, and 45 issues remained the same.

 

"Today, the Philippine MSCI basket was lower that played a part on today's balance," Juan Rafael Supangco, head of research at Angping & Associates said in a phone interview.

 

The MSCI Philippines is an index designed to measure the performance of the large and mid-cap segments of the Philippine market.

 

It covers 21 constituents, covering about 85 percent of Philippine equities.

 

Asian shares, meanwhile,  rose on Friday, holding firm on the back of increased expectations of additional stimulus from the European Central Bank.  — Jon Viktor D. Cabuenas/RSJ, GMA News