Stocks track Wall Street decline

Share prices closed lower Wednesday on profit taking. 

Trading on the peso was suspended due to Typhoon Kristine.

The Philippine Stock Exchange index fell 45.5 points to 7,367.66, a 0.61 percent drop. 

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The broader All Shares index was down 34.74 points or 0.85 percent to 4,050.76. 

Losers edged gainers 128 to 71 with 55 stocks unchanged. Trading turnover reached P4.52 billion. 

On Tuesday, the peso closed at 57.88 down from 57.59 on Monday. 

Other Asian currencies extended losses, as the US dollar continued to strengthen on bets Donald Trump would win the US presidential elections.

Last week, the Bangko Sentral ng Pilipinas reduced its key interest rate, while Bank Indonesia kept rates unchanged. Bank of Thailand surprised markets with a cut but indicated it was not the beginning of an easing cycle.

Luis Limlingan, managing director at Regina Capital and Development Corp., said the market slipped along with Wall Street “as investors grappled with ongoing concerns about rising interest rates and processed the latest earnings reports released this week.” 

Limlingan said value turnover remained weak as a certain institutions were closed due to the typhoon, while others awaited more third quarter financial results.

Most actively traded BDO Unibank Inc. was down P0.77 to P163.30. International Container Terminal Services Inc. was down P10.40 to P407. Ayala Land Inc. was down P0.45 to P35.35. Bank of the Philippine Islands was up P0.80 to P143.80. Metropolitan Bank and Trust Co. was down P1 to P78. Globe Telecom Inc. was down P80 to P2,310. Monde Nissin Corp. was up P0.42 to P11.50. SM Prime Holdings Inc. was down P0.45 to P31.40. ACEN Corp. was down P0.16 to P5. SM Investments Corp. was up P4 to P960.

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