Share prices closed lower yesterday on profit taking.
The peso ended lower as well.
The Philippine Stock Exchange index (PSEi) was down 8.67 points to 6,622.01, a 0.13 percent drop.
The broader All Shares index was steady at 3,487.71.
Gainers and losers were even at 91 each with 47 stocks unchanged. Trading turnover reached P4.48 billion.
The peso closed at 56.401 to the dollar, down from 56.27 on Monday. The currency opened at 56.30 and hit a high of 56.20 and a low of 56.475. Trading turnover reached $1.32 billion.
Most Southeast Asian currencies steadied on Tuesday as investors held tight ahead of the US Federal Reserve’s policy decision later this week
Mikhail Philippe Plopenio, analyst at Philstocks Financial Inc., said the market dropped “due to last-minute profit-taking as investors took a cautious stance ahead of the release of the Philippine fourth-quarter GDP growth data tomorrow (today).”
“Investors seem to have digested Moody’s Analytics’ fourth quarter 2023 GDP growth projection for the Philippines which is at 4.9 percent, slower than the previous quarter which stood at 5.9 percent,” he said.
“Worries over China’s economic growth also dampened the sentiment as its property sector remained fragile after the Hong Kong court ordered the liquidation of China’s Evergrande,” Plopenio added.
Most actively traded BDO Unibank Inc. was down P1.50 to P143.40. International Container Terminal Services Inc. was up P3.40 to P239.40. GT Capital Holdings Inc. was up P26 to P659. SM Investments Corp. was up P1 to P923. Ayala Land Inc. was down P0.50 to P33. JG Summit Holdings Inc. was up P1.60 to P39.10.
