Share prices declined on Monday on a shortened trading week as most investors opted to stay on the sidelines.
The peso closed lower.
The Philippine Stock Exchange index (PSEi) was down 28.87 points to 6,853.10, a 0.42 percent drop.
The broader All Shares index was down 9.69 points or 0.27 percent to 3,578.21.
Losers edged gainers 113 to 82 with 48 stocks unchanged. Trading turnover reached P5.48 billion.
The peso closed at 56.39 to the dollar, down from 56.27 on Friday.
The currency opened at 56.37, and hit a high of 56.24 and a low of 56.40. Trading turnover reached $1.65 billion.
Emerging Asian currencies were stuck in tight ranges on Monday, as the greenback received a boost from rising investor expectations of interest rates remaining higher for longer on the back of strong US economic data, Reuters reported.
Asian shares were mixed due to the absence of strong catalysts and as investors were wary that a key US inflation gauge – core personal consumption expenditure price index – due on Friday could derail the outlook for lower US rates.
Claire Alviar, analyst at Philstocks Financial Inc., noted that the depreciation of the Philippine peso against US dollar the past few days weighed on sentiment.
Most actively traded Ayala Land Inc. was up P0.30 to P31.90 DMCI Holdings Inc. was up P0.60 to P12.30. Ayala Corp. was down P9to P623. BDO Unibank Inc. was down P0.90 to P153.30. Metropolitan Bank and Trust Co. was down P0.10 to P65.70. International Container Terminal Services Inc. was down P1.20 to P317.20. Bank of the Philippine Islands was down P2.30 to P119.20. SM Investments Corp. was steady at P980. Aboitiz Power Corp. was down P0.70 to P35.80. Semirara Mining and Power Corp. was up P0.55 to P35.50.
