Share prices ended lower Tuesday on risk aversion as investors waited for the result of the US Fed meeting due Wednesday night.
The peso closed up.
The Philippine Stock Exchange index was down 48.57 points to 6,410.07, a 0.75 percent drop.
The broader All Shares index was down 17.19 points or 0.5 percent to 3,450.05.
Losers edged gainers 99 to 82 with 43 stocks unchanged. Trading turnover reached P3.3 billion.
The peso closed at 58.68 to the dollar, up from 58.79.
The currency opened at 58.74 and hit a high of 58.66 and a low of 58.745. Trading turnover reached $1.05 billion.
Emerging Asian markets fell on Tuesday ahead of the US inflation data and the Federal Reserve’s policy meeting, which will provide further cues on future rate cuts.
The Fed is widely expected to hold rates for the seventh consecutive meeting in its upcoming policy decision, due on Wednesday.
Mikhail Philippe Plopenio, analyst at Philstocks Financial Inc., said investors digested the International Monetary Fund’s (IMF) downward revision of its projection for the Philippines’ economic growth for this year after the slower-than-expected first quarter GDP data.
“The IMF’s new forecast was at 6 percent, lower than its 6.2 percent previous forecast.
Adding to the woes was the foreign outflow of P742.96 million as foreigners were net sellers during Tuesday’s session,” he said.
“Investors also took a cautious stance ahead of the local holiday,” Plopenio added.
Most actively traded International Container Terminal Services Inc. was down P8.80 to P341.20. SM Investments Corp. was up P1 to P848. Jollibee Foods Corp. was up P1.40 to P230. Bank of the Philippine Islands was down P0.90 to P118.10. Ayala Land Inc. was up P0.15 to P27.30. Aboitiz Equity Ventures Inc. was steady at P38.50. SM Prime Holdings Inc. was down P0.65 to P26.70. Ayala Corp. was down P6 to P582.50. PLDT Inc. was downP35 to P1,410.
