Share prices ended lower Tuesday as risk aversion continued to hit investors.
The peso closed weaker anew.
The Philippine Stock Exchange index (PSEi) was down 48.75 points to 6,285.19, a 0.77 percent drop.
The broader all shares index was down 19.11 points to 3,368.67, a 0.56 percent drop.
Losers edged gainers 94 to 87 with 53 stocks unchanged. Trading turnover reached P3.96 billion.
The peso closed at 54.265 to the dollar, down from 54.065 on Monday.
The currency opened at 54.10 and hit a high of 54.05 and a low of 54.40. Trading turnover reached $1.39 billion.
The Philippine peso trailed a broad recovery in Asian markets on Tuesday as the country’s central bank was seen raising interest rates at a slower pace than its global peers, while other regional currencies gained on a weaker US dollar, Reuters reported.
The Philippine central bank will raise rates by a modest 25 basis points (bps) in June, according to a Reuters poll forecast, although some economists said it may opt for a 50 bps hike in the face of a depreciating peso, which is down nearly 6 percent this year.
The peso was set for its fifth straight session of losses, dipping 0.1 percent to hit its lowest since Oct over 2018.
Luis Limlingan, managing director at Regina Capital and Development Corp., said many investors remained on the sidelines, gauging the likelihood of a recession following the Fed’s more aggressive stance. Investors are also waiting for the US market to return from the long holiday.
Most actively traded SM Investments Corp. was down P16 to P774. Ayala Land Inc. was down P0.15 to P27.65. SM Prime Holdings Inc. was down P0.45 to P36.45. BDO Unibank Inc. was up P0.20 to P123. Converge ICT Solutions Inc. was up P0.02 to P19.32.
International Container Terminal Services Inc. was down P4.30 to P195.10. Manila Electric Co. was up P1.60 to P371. PLDT Inc. was down P40 to P1,790. Philippine Seven Corp. was down P1 to P49. Philweb Corp. was up P0.78 to P5.95.
