Share prices closed flat Thursday on lack of strong news.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp. said the peso dropped to a 17.5-month low, since closing at 58.19 on Nov.10, 2022.
The Philippine Stock Exchange index (PSEi) was up 2.13 points to 6,574.88, a 0.03 percent hike.
The broader All Shares index was up 4.51 points or 0.13 percent to 3,467.97.
Gainers edged losers 104 to 83 with 50 stocks unchanged. Trading turnover reached P3.9 billion.
The peso closed at 57.78 to the dollar, down from 57.55 on Wednesday.
The currency opened at 57.75, an intraday high, and hit a low of 57.96. Trading turnover reached $1.43 billion.
Reuters reported the peso, as well as the South Korean won, led the Asia region’s losses subdued emerging currencies.
Investors await first-quarter US gross domestic product data due later in the day and March personal consumption expenditures on Friday, for further insights on the Federal Reserve’s monetary policy outlook.
Mikhail Philippe Plopenio, analyst at Philstocks Financial Inc., said many investors stayed on the sideline amid a lack of positive catalyst.
Those who participated looked forward to more first quarter earnings results “as initial reports from the banking space were positive.”
“Additionally, the narrowing of the country’s budget deficit last March was cheered,” Plopenio said.
Most actively traded Ayala Land Inc. was steady at P28.45. International Container Terminal Services Inc. was down P0.40 to P329.60. SM Investments Corp. was up P0.50 to P947.60. DigiPlus Interactive Corp. was down P0.10 to P10.42. BDO Unibank Inc. was up P1.50 to P145.60. Cemex Holdings Philippines Inc. was up P0.26 to P1.90. GT Capital Holdings Inc. was down P18 to P600. Bank of the Philippine Islands was down P0.30 to P123.70. JG Summit Holdings Inc. was up P1.60 to P32.90. Universal Robina Copr. was up P0.10 to P93.40.
