Share prices closed lower Wednesday on investor risk aversion.
The peso closed up.
The Philippine Stock Exchange index (PSEi) was down 149.22 points, a 2.24 percent drop to 6,525.16.
The broader all shares index was down 51.86 points or 1.49 percet to 3,425.86.
Losers edged gainers 104 to 68 with 47 stocks unchanged. Trading turnover reached P6.05 billion.
The peso closed at 55.45 to the dollar, up from 55.975 on Tuesday. The currency opened at 55.85 and hit a high of 55.45 and a low of 55.85. Trading turnover reached $1.16 billion.
Luis Limlingan, managing director at Regina Capital and Development Corp. said the market was sold down on worries the US Fed would not be able to engineer a soft landing.
“Investors await more economic data this week for clues on what to expect from the Fed. On Wednesday, the Mortgage Bankers Association will release its weekly report of mortgage loan applications. Meanwhile, investors also sold positions ahead of the holidays as a precaution against all the global volatility,” he said.
Most actively traded International Container Terminal Services Inc. was up P1.60 to P190. Universal Robina Corp. was down P3.60 to P134.40. BDO Unibank Inc. was down P2.60 to P129. PLDT Inc. was up P31 to P1,700. Ayala Land Inc. was down P0.90 to P29. Globe Telecom Inc. was down P20 to P2,182. SM Prime Holdings Inc. was down P1.70 to P34.70. Ayala Corp. was down P16.50 to P695.50. Jollibee Foods Corp. was down P9.60 to P237. SM Investments Corp. was down P33 to P910.
