Share prices closed lower Monday on heightened risk aversion as investors digested a slew of negative news both locally and overseas.
The peso closed down.
The Philippine Stock Exchange index was down 76.72 points, a 1.2 percent drop to 6,329.19.
The broader All Shares index was down 32.3 points or 0.94 percent to 3,397.89.
Losers edged gainers 118 to 45 with 53 stocks unchanged. Trading turnover reached P4.58 billion.
The peso closed at 56.78 to the dollar, down from 56.315 on Friday. The currency opened at 56.45, an intraday high, and hit a low of 56.99. Trading turnover reached $1.4 billion.
Emerging Asian currencies fell on Monday, with the Indonesian rupiah declining the most, amid concerns about China’s faltering economic growth ahead of key data,
In the Philippines, the Bangko Sentral ng Pilipinaswhich kept interest rates steady at its last two meetings after nine hikes totalling 425 basis points to curb inflation, is set to hold its next rate-setting meeting on Thursday.
Clair Alviar, analyst at Philstocks Financial Inc., said investors’ sentiment “continued to be dragged by the disappointing Q2 economic growth.”
“Overseas, Asian markets were also mostly in the red as worries over the property sector in China heightened,” she added.
Most actively traded SM Prime Holdings Inc. was down P1.35 to P30.15. Ayala Land Inc. was steady at P29.05. ACEN Corp. was up P0.04 to P5.15. Semirara Mining Corp. was up P1 to P31. Bank of the Philippine Islands was up P0.10 to P113.90. Ayala Corp. was down P11 to P593. BDO Unibank Inc. was down P1.70 to P141.80. SM Investments Corp. was down P15.50. Metro Pacific Investments Corp. was up P0.05 to P5.05. JG Summit Holdings Inc. was down P0.05 to P38.95.
