Share prices ended lower Thursday as investors took to profit-taking ahead of the result of the central bank’s policy rate meeting for the day.
The Philippine Stock Exchange index (PSEi) was down 32.41 points to 6,886, a 0.47 percent drop.
The broader all shares index was down 3.7 points to 4,199.89, a 0.09 percent drop.
Losers edged gainers 100 to 97 with 52 stocks unchanged. Trading turnover reached P6.48 billion.
The peso closed at 48.735 to the dollar, up from 48.805 on Wednesday. It opened at 48.755, and hit a high of 48.735 and a low of 48.92. Trading turnover reached $1 billion.
The peso slid to a near three-month low and led losses among emerging Asian currencies on Thursday ahead of a policy meeting of the country’s central bank, which is expected to leave its benchmark interest rate at a record low, Reuters reported.
The peso weakened as much as 0.4 percent to its lowest level since April 7, while stocks in Manila traded slightly lower.
“We are seeing some anxiety as the peso continues its sharp depreciation trend, tied to foreign selling in the local equity market,” said Nicholas Mapa, a senior economist with Dutch bank ING.
“Despite cases dipping recently in the Philippines, participants remain wary of the possible spread of the so-called Delta variant which could spark a renewed surge in cases,” Maps said.
SB Equities said the market dropped as investors awaited the central bank’s Monetary Board policy decision and outlook at the close of the session for the day.
“With foreign outflow extending to a third day, the PSEi held steady for the bulk of the session before closing on its day to lose 32.41 points,” it said.
Most actively traded Manila Water Co. Inc. was up P0.56 to P18.18. Monde Nissin Inc. was up P0.60 to P15.34. AC Energy Corp. was down P0.23 to P8.27. Ayala Land Inc. was down P0.80 to P37.10. BDO Unibank Inc.was down P0.20 to P113.90. GT Capital Holdings Inc. was up P16 to P628. Bank of the Philippine Islands was up P1.55 to P88.60. PLDT Inc. was down P1 to P1,273. Ayala Corp. was down P16.50 to P802.50. Metro Pacific Investments Corp. was down P0.10 to P3.92.
