Share prices ended lower Wednesday on lack of strong leads, convincing investors to take profit.
The peso closed at the 55 level to the dollar, last seen in 2005.
The Philippine Stock Exchange index was down 42.22 points to 6,303.19, a 0.67 percent drop.
The broader all shares index was down 11.56 points to 3,389.12, a 0.34 percent drop.
Losers edged gainers 98 to 97 with 45 stocks unchanged. Trading turnover reached P4.91 billion.
The peso closed at 55.06 to the dollar, down from 54.77 on Tuesday.
The currency opened at 54.90, and hit a high of 54.88 and a low of 55.10. Trading turnover reached $1.28 billion.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the peso closed to its lowest close since Oct. 27, 2005 when it ended at 55.08.
Ricafort said the decline “came after the the US dollar corrected higher against major global currencies after continued hawkish signals from some Fed officials.”
Most Asian currencies declined on Wednesday as weak US consumer confidence data brought fears of a recession back to center stage, while the Chinese yuan and Thai baht cheered China’s easing of visitor quarantine rules, Reuters reported.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said the investors took profit after a three-day rally.
“Concerns over the decline in consumer confidence of major economies, Japan and South Korea according to their official surveys, and of the US according to The Conference Board weighed on market sentiment,” he said.
“Trading was lethargic with net value turnover below the year-to-date average of P6.68 billion,” he added.
Foreigners were net sellers worth P645.80 million.
Most actively traded Converge ICT Solutions Inc. was up P0.10 to P21.80. Universal Robina Corp. was up P1.50 to P108. BDO Unibank Inc. was down P2.20 to P114.30. SM Prime Holdings Inc. was down P1.20 to P36.10. International Container Terminal Services Inc. was up P0.90 to P195.50. Ayala Land Inc. was down P0.40 to P26.80. Monde Nissin Corp. was up P0.10 to P13.18. PLDT Inc. was down P15 to P1,765. Ayala Corp. was down P1.50 to P628. SM Investments Corp. was down P9 to P820.
