Share prices fell Wednesday on profit-taking.
The peso closed up.
The Philippine Stock Exchange index was down 39.75 points to 6,944.88, a 0.57 percent drop.
The broader All Shares was down 20.09 points or 0.53 percent to 3,766.21.
Losers edged gainers 131 to 66 with 47 stocks unchanged. Trading turnover reached P8.02 billion.
The peso closed at 55.975 to the dollar, up from 56.385 on Tuesday.
The currency opened at 56.35, an intraday low and hit a high of 55.935. Trading turnover reached $1.71 billion.
The peso and Malaysian ringgit strengthened 0.7 percent and 0.3 percent against the US dollar, respectively, and were among the top gainers in the region.
While the Fed is widely expected to trim rates, speculation over the size of the cut persists, especially after a mixed labour report on Friday failed to provide any clarity on the US central bank’s next move.
“A weaker-than-expected or within-the-expectation reading will bode well for stronger regional currencies for the rest of the week,” said Ruben Carlo Asuncion, chief economist, Union Bank of Philippines.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said the market “succumbed to selling pressures” following four days of rally.
“Investors took a cautious stance while waiting for the US’ August inflation data which can provide clues on the Federal Reserve’s policy outlook. Investors also digested the widening of the Philippines’ balance of trade in goods deficit last July amid a tepid export performance, and the drop in its June foreign direct investment net inflows,” he said.
Most actively traded BDO Unibank Inc. was up P3.40 to P158.40. International Container Terminal Services Inc. was up P0.20 to P407.20. DigiPlus Interactive Corp. was down P1.90 to P21. Converge ICT Solutions Inc. was up P0.68 to P16.94. Philippine Seven Corp. was down P0.30 to P71. Ayala Land Inc. was down P0.95 to P34.75. SM Investments Corp. was down P2 to P906. Bank of the Philippine Islands was down P3 to P121. Jollibee Foods Corp. was down P2.60 to P250. Universal Robina Corp. was down P0.20 to P91.80.
