Share prices fell Wednesday as investors fixed their attention on the latest rhetorics of US President-elect Donald Trump.
The peso closed up.
The Philippine Stock Exchange index was down 104.27 points to 6,702.59, a 1.53 percent drop.
The broader All Shares index was down 36.46 points or 0.96 percent to 3,760.08.
Losers edged gainers 125 to 60, with 49 stocks unchanged. Trading turnover reached P4.27 billion.
The peso closed at 58.71 to the dollar, up from 59.
The currency opened at 58.92 and hit a high of 58.695 and a low of 58.97. Trading turnover reached $1.38 billion.
Asian equities slipped while currencies nursed losses from the prior session on Wednesday as investors grappled with Trump’s pledge to impose additional tariffs on top trading partners including China.
“Trump’s unconventional approach towards trade and his threat to impose tariffs has certainly injected volatility into markets, buoying the dollar as well as weighing on the Rinminbi, Mexican peso, Canadian dollar, and Asian equities,” Wei Liang Chang, currency and credit strategist at DBS, said.
Oil prices were steady in the Asian trading hours as markets assessed the potential impact of a ceasefire deal between Israel and Hezbollah and ahead of a meeting of the oil producing group.
The dollar index, which measures the greenback against a basket of major currencies, was subdued during Asian trading hours.
Markets awaited key inflation figures out of the US later on Wednesday.
Analyst said investors remain spooked by Trump’s rhetorics.
“The local market extended its decline as investors continued to digest the latest tariff threats from president-elect Trump against China, Canada, and Mexico. The peso’s weakness also weighed on the local bourse,” said Japhet Tantiangco, analyst at Philstocks Financial Inc., noting a “lethargic” trading for the day with net value turnover at P3.82 billion, lower than the year-to-date average of P5.18 billion.
Foreigners were still net sellers with net outflows amounting to P539.05 million.
Most actively traded International Container Terminal Services Inc. was down P5 to P285. BDO Unibank Inc. was up P0.20 to P153.10. Bank of the Philippine Islands was down P2.50 to P130.50. Ayala Corp. was down P22.50 to P619.50. Ayala Land Inc. was down P0.70 to P29. PLDT Inc. was down P34 to P1,290. SM Investments Corp. was down P22 to P879. SM Prime Holdings Inc. was down P0.45 to P27. Metropolitan Bank and Trust Co. was down P0.65 to P77. DigiPlus Interactive Corp. was up P0.35 to P20.80.
