Share prices ended down Tuesday on profit taking. The peso closed up.
The Philippine Stock Exchange index was down 6.48 points, a 0.1 percent drop to 6,289.10.
The broader all shares index was down 5.82 points or 0.18 percent to 3,307.75.
Losers edged gainers 100 to 76 with 38 stocks unchanged. Trading turnover reached P5.13 billion.
The peso closed at 58.275 to the dollar, up from 58.58 on Monday.
The currency opened at 58.38 at hit a high of 58.10 and a low of 58.45. Trading turnover reached $954.9 billion.
Indonesia’s rupiah gained for a second straight session on Tuesday, while the Philippine peso also firmed, as upbeat data from the countries raised expectations of further interest rate hikes by their central banks, Reuters reported.
The peso appreciated as much as 0.6 percent after the country’s unemployment rate in September eased for a third month running, potentially signaling that the economy could withstand sharp rises in rates.
“Bangko Sentral ng Pilipinas (BSP) will likely match any increase by the US Federal Reserve from here on and we only see a turn when the Fed finally pivots sometime next year,” said Nicholas Mapa, a senior economist at Dutch bank ING.
Claire Alviar, analyst at Philstocks Financial Inc., said investors booked gains prior to the release of the country’s economic output for the third quarter set later this week.
“In the early part of trading, the market visited the green territory as the unemployment rate in the Philippines improved in September. However, bears took the momentum, dragging the bourse in the red,” Alviar said.
Most actively traded BDO Unibank Inc. was up P3.50 to P133.50.
SM Investments Corp. was down P20 to P833. International Container Terminal Services Inc. was down P3.20 to P186.80. Ayala Land Inc. was up P0.30 to P26. Semirara Mining and Power Corp. was down P1.55 to P31.50. Bank of the Philippine Islands was down P1.95 to P95. SM Prime Holdings Inc. was up P0.70 to P34.70. Jollibee Food Corp. was down P0.40 to P228.60. Manila Electric Co. was down P3.60 to P305. Metropolitan Bank and Trust Co. was down P0.20 to P52.
