Share prices closed lower Wednesday on risk aversion.
The peso was also down.
The Philippine Stock Exchange index (PSEi) fell 32.76 points, a 0.53 percent drop to 6,179.63.
The broader All Shares index dropped 13.32 points or 0.4 percent to 3,339.63.
Losers edged gainers 107 to 64 with 46 stocks unchanged. Trading turnover reached P3.62 billion.
The peso closed at 56.73 to the dollar, down from Tuesday’s 56.38.
The currency opened at 56.32 and hit a high of 56.30 and a low of 56.75. Trading turnover reached $1.55 billion.
Asian currencies treaded water on Wednesday, with the Singapore dollar up a touch after the region’s July inflation numbers met expectations, while caution reigned ahead of the release of some US economic data and a key speech by the Federal Reserve chief, Reuters reported.
Away from Asia, US flash PMI readings, due later on Wednesday, is likely to show the factory sector remained contraction, while traders were reluctant to place any major bets before a crucial speech by Fed Chair Jerome Powell later in the week.
On Tuesday, the Bangko Sentral ng Pilipinas (BSP) governor Eli Remolona said upside risks to inflation prompted the central bank to keep policy easing off the radar as “quick reversals in policy rates… create uncertainty.”
Claire Alviar, analyst at Philstocks Financial Inc. said the market extended its decline “as the sentiment was further dragged by the expectation of the BSP that our country may miss the DBCC’s economic growth target of 6 percent to 7 percent due to the ongoing economic headwinds coupled with the impact of its monetary tightening.”
Alviar said market participation was weak.
Most actively traded Bank of the Philippine Islands was down P4.70 to P108.20. International Container Terminal Services Inc. was down P0.80 to P205. BDO Unibank Inc. was down P1 to P138. SM Prime Holdings Inc. was down P0.50 to P30.10. SM Investments Corp. was down P0.50 to P829. Universal Robina Corp. was steady at P113.40. GT Capital Holdings Inc. was up P7.50 to P549.50. Metro Pacific Investments Corp. was up P0.04 to P5.09. Ayala Land Inc. was down P0.05 to P28.25. Jollibee Foods Corp. was up P2 to P241.
