Share prices closed lower Tuesday as investors took profits ahead of the US election next week.
The Philippine Stock Exchange index was down 103.26 points to 7,23.98, a 1.41 percent drop.
The broader All Shares index was. down 58.89 points or 1.46 percent to 3,977.31.
Losers edged gainers 147 to 55 with 41 stocks unchanged. Trading turnover reached P6.17 billion.
The peso closed at 58.275 to the dollar, down from 58.225 on Monday.
The currency opened at 58.20 and hit a high of 58.13 and a low of 58.335. Trading turnover reached $1.16 billion.
The dollar is headed for its best month in two-and-a-half years as investors reined in their rate cut expectations and the markets braced for a potential win next week for Donald Trump, whose measures could pressure Asian currencies further.
“The election outcome is still too close to call and investors would probably want to see the results of the elections before making a further move on whether to adjust their position,” said Sim Moh Siong, FX strategist at Bank of Singapore.
Japhet Tatiangco, analyst at Philstocks Financial Inc., said the market was “weighed down by the weakness of the local currency against the dollar and the rise in local treasury yields.”
“Investors are also taking a cautious stance amid the uncertainties caused by the upcoming US elections,” he said.
Most actively traded Globe Telecom Inc. was down P166 to P2,100. BDO Unibank Inc. was down P3 P157. Bank of the Philippines Island (BPI) was down P0.20 to P147.20. Ayala Land Inc. was down P1.10 P33.50. Metropolitan Bank and Trust Co. was down P3.20 to P75.50. SM Prime Holdings Inc. was down P0.80 to P30.10. SM Investments Corp. was up P1.50 to P965.50. Converge ICT Solutions Inc. was down P1.04 to P15.90.
