Share prices fell Thursday, tracking overseas leads.
The peso closed at its lowest since Nov. 3, 2022 which was at 58.80 to the dollar.
The Philippine Stock Exchange index was down 39.66 points to 6,371.75, a 0.62 percent drop.
The broader All Shares index was down 26.17 points or 0.76 percent to 3,425.57.
Losers edged gainers 132 to 57 with 52 stocks unchanged. Trading turnover reached P5.9 billion.
The peso closed at 58.635 to the dollar, down from 58.42 on Wednesday.
The currency opened at 58.50 and hit a high of 58.50 and a low of 58.73. Trading turnover reached $1.39 billion.
Most emerging Asian assets weakened on Thursday as higher US Treasury yields boosted the dollar, while investors awaited US inflation data that could decide global monetary policy, Reuters reported.
The MSCI International Emerging Market Currency Index lost 0.3 percent to touch a two-week low.
Robust economic data from the world’s largest economy in addition to poorly received US bond auctions during the week triggered an exit from risk-sensitive Asian assets.
The dollar index, which measures the strength of the greenback against six major rivals, rose overnight and was steady at 105.09 at 0655 GMT.
Mikhail Philippe Plopenio, analyst at Philstocks Financial Inc., said the market dropped “following the rise in the US long term Treasury yields.”
“The climb in yields resulted in the further decline of the Philippine peso against the US dollar which in turn weighed on the local bourse. Also, inflation worries were heightened after the Bangko Sentral ng Pilipinas stated that there is still a high probability that inflation may breach the upper end of the 2 percent – 4 percent target range,” Plopenio said.
“With its decline, the local bourse joined its neighboring peers which also traded lower for Thursday’s session,” he added.
Most actively traded BDO Unibank Inc. was up P0.30 to P130.50. SM Prime Holdings Inc. was down P0.50 to P26.05. International Container Terminal Services Inc. was steady at P329.60. Ayala Land Inc. was down P0.30 to P26.50. Ayala Corp. was down P17 to P598. Jollibee Foods Corp. was down P5 to P216. Metropolitan Bank and Trust Co. was down P1.95 to P65.05. SM Investments Corp. was up P15 to P885. Bank of the Philippine Islands was down P0.60 to P120.20. Manila Electric Co. was down P17 to P352.20.
