Share prices fell Tuesday on profit-taking.
The peso closed lower.
The Philippine Stocks Exchange index was down 40.49 points, a 0.58 percent drop to 6,882.92.
The broader All Shares index dropped 20.63 points or 0.55 percent to 3,730.78.
Losers edged gainers 109 to 83 with 52 stocks unchanged. Trading turnover reached P5.08 billion.
The peso closed at 56.61 to the dollar, down from 56.38 on Monday.
The currency opened at 56.50 and hit a high of 56.45 and a low of 56.735.
Currencies in most emerging Asian markets were on the back foot on Tuesday, ahead of a raft of data that may determine the US interest rate cut trajectory this year.
Markets are pricing in a 69 percent chance of a 25 basis points cut when the Fed meets on September 17 and 18, with a 31 percent probability of a 50 bps cut, CME FedWatch tool showed.
“Expectations are high for the US to cut by an outsized 50bps in at least one of the remaining 3 meetings this year,” said Jeff Ng, head of Asia Macro Strategy of Sumitomo Mitsui Banking.
“However, we think that there may be some disappointment,” Jeff added.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said the market dropped on profit-taking.
“The local currency’s depreciation against the dollar also weighed on the market. Trading has been tepid as investors continue to wait for catalysts, primarily the Philippines’ August inflation data to be released this week,” he said.
Most actively traded International Container Terminal Services Inc. was down P6.40 to P398.60. BDO Unibank Inc. was steady at P152.8. Universal Robina Corp. was down P0.30 to P90.80. Ayala Land Inc. was up P0.15 to P25. SM Investments Corp. was up P9 to P904.50. Ayala Coro. was down P1.50 to P616.50. SP New Energy Corp. was down P0.01 to P1.27. SM Prime Holdings Inc. was down P0.35 to P30.15. Globe Telecom Inc. was up P8 to P2,232. Jollibee Foods Coro. was up P1 to P261.
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