Share prices ended lower Thursday as profit taking continues. The peso closed down as well.
The Philippine Stock Exchange index was down 32.85 points, a 0.46 percent drop to 7,062.01.
The broader all shares index was down P5.83 points or 0.16 percent to 3,686.68.
Gainers edged losers 107 to 83 with 52 stocks unchanged. Trading turnover reached P7.02 billion.
The peso closed at 54.63 to the dollar, slightly down from 54.63 on Wednesday.
The currency opened at 54.70, and hit a high of 54.53 and a low of 54.78. Trading turnover reached $1.25 billion.
Asian currencies were under pressure on Thursday, led by losses in Thailand’s baht, as bleak US data indicating weakening demand in world’s largest economy stoked recession worries.
The peso fell as much as 0.6 percent.
“Today has been a pure dollar move, which has been very much related to the US equity market sell-off, after weak data from the US and the Fed’s call for more rate hikes to beat inflation,” said Sailesh Jha, group chief economist and head of financial market research at RHB Bank.
Luis Limlingan, managing director at Regina Capital and Development Corp., attributed the correction to profit-taking, together with regional markets, weighed by an earnings miss by Goldman Sachs.
Most actively traded BDO Unibank Inc. was down P0.90 to P122.70. SM Investments Corp. was down P3.50 to P930.50. Jollibee Foods Corp. was down P2 to P248. International Container Terminal Services Inc. was down P3.60 to P218. Converge ICT Solutions Inc. was up P0.02 to P19.02. ACEN Corp. was up P0.21 to P7.11. PLDT Inc. was up P5 to P1,485. DMCI Holdings Inc. was up P0.24 to P13. Ayala Land Inc. was down P0.45 to P32. SM Prime Holdings Inc. was steady at P38.30.
