Share prices ended lower Thursday amid continued risk aversion from overseas leads.
The Philippine Stock Exchange index (PSEi) was down 69.63 points or by 0.93 percent to 7,392.68.
The broader all shares index was down 32.51 points or by 0.74 percent to 4,329.55.
Losers edged gainers 123 to 61 with 51 stocks unchanged. Trading turnover reached P5.45 billion.
The peso closed at 50.96 to the dollar, down from 50.83 on Wednesday.
The currency opened at 50.89, hit a high of 50.83 and a low of 51. Trading turnover reached $948.5 million.
“Philippine shares continued to slip on concerns surrounding the new coronavirus,” said Luis Limlingan, managing director at Regina Capital Development Corp.
Limlingan said the dovish tone of the US Fed in its latest meeting added to the pessimism.
“The (US) Fed has decided to keep interest rates unchanged amid ‘moderate’ growth and a ‘strong’ job market. However, (US Fed Chair Jerome) Powell added that ‘uncertainties about the outlook remain, including those posed by the new coronavirus’,” Limlingan said.
“In a statement, the policymaking committee said rates are geared towards a return to their 2 percent inflation objective. The central bank also remarked the labour market remains “strong” while the economy is growing at a ‘moderate rate’. However, the Fed downgraded its characterization of the US consumer, noting spending is ‘moderate’ after being ‘strong’ in December,” he added.
Limlingan also said attention is also focused on whether the World Health Organization will declare the Wuhan virus a global emergency which would allow governments worldwide to coordinate responses.
Most actively traded PLDT Inc. was down P3 to P1,012. Manila Water Co. Inc. was up P1.46 to P12.16. Ayala Land Inc. was down P0.10 to P41.90. SM Investments Corp. was down P18 to P995. BDO Unibank Inc. was steady at P154. SM Prime Holdings Inc. was steady at P40. Bank of the Philippine Islands was up P1.50 to P84.50. Megaworld Corp. was up P0.01 to P4.14. International Container Terminal Services Inc. was down P0.50 to P131.50.
