Share prices ended lower Thursday on closing bell selling that highlighted the heightened risk aversion by investors.
The peso was also down.
The Philippine Stock Exchange index was down 103.56 points to 6,532.30, a 1.56 percent drop.
The broader all shares index was down 40.76 points to 3,517.21, a 1.15 percent drop.
Losers edged gainers 128 to 70 with 48 stocks unchanged. Trading turnover reached P7.42 billion.
The peso closed at 52.495 to the dollar, down from 52.277 on Wednesday.
The currency opened at 52.28, an intraday high and hit a low of 52.495. Trading turnover reached $1.08 billion.
Most Asian currencies sank on Thursday after US inflation beat expectations, bolstering expectations of more aggressive rate hikes and strengthening the dollar, while stocks across the region also tumbled, Reuters reported.
The South Korean won led declines, dropping 1.1 percent while the peso shed 0.6 percent.
The weakening of the peso came despite data showing the economy grew 8.3 percent in the first quarter of the year, beating expectations.
“With GDP now back to pre-COVID levels and with inflation accelerating, we fully expect (the Philippine central bank) to hike policy rates at the 19 May meeting next week,” an analysts at ING said. Investors now await further details on incoming president Ferdinand Marcos Jr’s economic team.
Luis Limlingan, managing director at Regina Capital and Development Corp., said
the market dropped despite a better than expected 8.3 percent growth in the first quarter.
“To kick off 2022, the country showed no signs of slowing down beating most analysts forecasts and well ahead of the Bloomberg median consensus of 6.8 percent. Inflation has been much more manageable and the BSP has had more room to operate the timing of raising its rates, unlike the Fed,” he said.
Most actively traded Ayala Land Inc. was down P1.45 to P29.15. BDO Unibank Inc. was down P2.30 to P126.70. SM Prime Holdings Inc. was down P0.70 to P33.55. Converge ICT Solutions Inc. was down P0.80 to P26.50. PLDT Inc. was up P24 to P1,909. Bank of the Philippine Islands was down P3.10 to P91.90. SM Investments Corp. was up P3 to P828.
Ayala Corp. was down P11 to P693. International Container Terminal Services Inc. was down P3.20 to P214.80. AC Energy Corp. was down P0.32 to P6.60.
