Share prices ended lower Monday on continued profit taking.
The peso corrected after seven straight days of appreciation.
The Philippine Stock Exchange index was down 47.52 points, a 0.73 percent drop to 6,442.13.
The broader All Shares index was down 15.72 points or 0.46 percent to 3,403.93.
Gainers edged losers 105 to 83 with 54 stocks unchanged.
The peso closed at 56.02, down from Friday’s 55.74. The currency opened at 55.74 and hit a high of 55.72 and a low of 56.05. Trading turnover reached $1.15 billion.
Most Asian emerging currencies strengthened on Monday as a weaker US dollar and signs of China easing its strict zero-COVID strategy lifted risk sentiment.
Luis Limlingan, managing director at Regina Capital and Development Corp., said Monday’s drop of the stock market is a spillover from Friday’s profit taking.
Most actively traded BDO Unibank Inc. was down P1.20 to P127. GT Capital Holdings Inc. was up P5 to P443. Ayala Land Inc. was up P0.30 to P29.30. International Container Terminal Services Inc. was down P9.20 to P184.30. SM Investments Corp. was down P7.50 to P894. Globe Telecom Inc. was down P90 to P2,190. Jollibee Foods Corp. was down P0.60 to PP236.40. SM Prime Holdings Inc. was down P0.05 to P34.
The yuan rose 1.4 percent against the dollar, hitting its highest since Sept. 13, while stocks in Shanghai advanced 1.5 percent.
On Sunday, more Chinese cities announced an easing of coronavirus curbs, spurring the world’s second-largest economy to move towards softening its stance on the zero-COVID strategy that prompted unprecedented protests last weekend.
The easing COVID curbs raised hopes over the global growth outlook and increased demand for commodities in Southeast Asia’s biggest trading partner, thereby boosting investors’ appetite for riskier assets.
