Share prices ended lower Thursday tracking overseas leads while the peso was down.
The Philippine Stock Exchange index was down 54.32 points, a 0.91 percent drop to 5,934.27.
The broader all shares index was down 20.19 points or 0.63 percent to 3,199.79.
Losers edged gainers 103 to 84 with 41 stocks unchanged. Trading turnover reached P4.2 billion.
The peso closed at 58.653 to the dollar, down from Wednesday’s 58.65. The currency opened at 58.70 and hit a high o 58.54 and a low of 58.73. Trading turnover reached $756.05 million.
Most Asian currencies gained on Thursday, helped by a pullback in the US dollar and renewed risk appetite, while Malaysia’s ringgit traded flat on speculation of a snap election.
Luis Limlingan, managing director at Regina Capital and Development Corp., said shares were sold down at closing as investors kept tabs on economic data to see if inflation is cooling off or if the Federal Reserve’s rate hikes are pushing the US closer to a recession.
Claire Alviar, analyst at Philstocks Financial Inc., said the market pulled back after three straight days of gains.
“Negative cues from Wall Street and the higher unemployment rate in August weighed on sentiment,” she said.
Most actively traded International Container Terminal Services Inc. was up P4.90 to P176.
SM Prime Holdings Inc. was down P0.20 to P31.55. San Miguel Corp. was up P2 to P101.
Converge ICT Solutions Inc. was up P0.40 to P12.50. Globe Telecom Inc. was down P18 to P2,200. Ayala Land Inc. was steady at P23.80. Puregold Price Club Inc. was down P0.90 to P26.70. Universal Robina Corp. was down P2.10 to P110. BDO Unibank Inc. was down P1.50 to P114.40. Ayala Corp. was down P7 to P629.
