Share prices and the peso closed lower Wednesday on profit taking and risk-aversion as investors took cues from overseas trade.
The peso dropped to its lowest since mid-August.
The Philippine Stock Exchange index was down 112.73 points to 7,424.52, a 1.5 percent drop.
The broader All Shares index was down 44.05 points or 1.08 percent to 4,033.36.
Losers edged gainers 122 to 72 with 64 stocks unchanged. Trading turnover reached P5.3 billion.
The peso closed at 57.02 to the dollar, down from 56.905.
The currency opened at 56.888 and hit a high of 56.87 and a low of 57.06. Trading turnover reached $1.58 billion.
Global investors are now awaiting a key inflation print from the US, as well as minutes from the Fed’s latest monetary policy meeting later in the day yesterday, for a better sense of where interest rates could be headed.
Falling US rates boost the attractiveness of riskier emerging market assets, particularly in Southeast Asia.
Luis Limlingan, managing director at Regina Capital and Development Corp., said investors stayed on the sidelines ahead of the release of the US inflation number on Thursday night.
Most actively traded BDO Unibank Inc. was down P3.80 to P157.80. International Container Terminal Services Inc. was down P8.20 to P429.80. Ayala Land Inc. was steady at P36.40. Bank of the Philippine Islands was down P3 to P140. JG Summit Holdings Inc. was down P0.75 to P26.40. SM Prime Holdings Inc. was down P0.50 to P31.90. Ayala Corp. was down P5.50 to P731.50. Jollibee Foods Corp. was up P1.80 to P274.80. SM Investments Corp. was down P23 to P975.
