Share prices ended down Wednesday, tracking overseas leads.
The peso closed lower as well.
The Philippine Stock Exchange index fell 64.49 points to 6,572.51, a 0.97 percent drop.
The broader All Shares index was down 29.57 points or 0.84 percent to 3,476.66.
Losers edged gainers 108 to 80 with 48 stocks unchanged. Trading turnover reached P6.41 billion
The peso closed at 55.93 to the dollar, down from 55.83 on Tuesday.
The currency opened at 55.97 and hit a high of 55.835 and a low of 56.125. Trading turnover reached $1.74 billion.
Most Asian currencies extended a sell-off on Wednesday after hawkish rhetoric from a Federal Reserve official dampened early rate cut expectations and pushed the dollar to a one-month high, Reuters reported.
Fed Governor Christopher Waller said on Tuesday that while inflation was approaching the central bank’s target of 2 percent, the central bank should not rush to wards rate cuts until it was clearer low inflation was sustained.
Waller’s comments led to further pressure on Asian currencies such as Thailand’s baht, the Philippines peso, the Taiwan dollar and the Indonesian rupiah.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market dropped together with peer Hong Kong and China after the latter reported the slowest growth in three decades when excluding the pandemic.
Most actively traded BDO Unibank Inc. was down P0.10 to P139.20. Ayala Land Inc. was down P1 to P32.30. Universal Robina Corp. was down P3.30 to P116.90. International Container Terminal Services Inc. was down P0.40 to P248. GT Capital Holdings Inc. was up P11 to P628. SM Prime Holdings Inc. was down P0.40 to P33.35. Bank of the Philippine Islands was steady at P109. SM Investments Corp. was down P15 to P875.Ayala Corp. was up P3 to P683. Metropolitan Bank and Trust Co. was up P0.20 to P55.50.
