BOJ decision drags down PSEi

The stock market plunged for the second straight day following a disappointing Bank of Japan (BOJ) policy decision.

The Philippine Stock Exchange index (PSEi) plummeted 0.77 percent or 61.87 points to end its ascent above the 8,000 level by closing at 7,963.11.

The broader All Shares index likewise declined 0.83 percent or 39.86 points to settle at 4,750.81.

Analysts said profit taking again engulfed the local market Friday after BOJ’s decision not to expand its monetary base.

The result led mostly to lower stock markets across Asia.

In the country, most share prices declined except for mining and oil companies. The mining and oil sectoral index added 0.39 percent or 43.81 points.

The property counter, meanwhile, took the largest blow by losing 1.36 percent or 49.23 points.

Financials, industrial, holding, and services firms all ended in the red.

Decliners continued to crush advancers,127 to 82, while 36 stocks did not change.

Value turnover, however, surged to P11.93 billion from the previous day’s P10 billion level.