Share prices ended lower Monday, tracking overseas leads.
The peso closed up.
The Philippine Stock Exchange index fell 43.72 points, a 0.66 percent drop to 6,20.83.
The broader All Shares index was down 14.34 points or 0.4 percent to 3,534.03.
Losers edged gainers 116 to 67 with 47 stocks unchanged. Trading turnover reached P7.03 billion.
The peso closed at 55.82 to the dollar, up from 55.67 on Friday.
The opened at 55.67 and hit a high of 55.65 and a low of 55.84. Trading turnover reached $981.5 million.
Asian currencies held steady on Monday, with the US dollar slipping, hit by the double whammy of stalled debt ceiling talks and the Fed chief’s unexpected dovish comments over future interest rate hikes.
US President Joe Biden and House Republican Speaker Kevin McCarthy are expected to meet later in the day to discuss the debt ceiling – the limit on the amount of money the US government can borrow to fund its services.
A failure to lift the debt ceiling would trigger a default, likely sparking chaos in markets and a spike in interest rates.
Juan Paolo Colet, managing director at China Bank Capital Corp., said investor sentiment turned negative after US debt ceiling talks were abruptly paused over the weekend.
“The market’s direction in the coming days will depend mainly on the tone of negotiations on the US debt limit,” he said.
Most actively traded SM Prime Holdings Inc. was down P0.05 to P34. BDO Unibank Inc. was down P1 to P139. Bank of the Philippine Islands was down P2.60 to P102.90. Ayala Land Inc. was down P0.60 to P26.50. Ayala Corp. was down P2 to P692. SM Investments Corp.
was down P5 to P924. Jollibee Foods Corp. was down P1 to P231.60. AC Energy Corp. was up P0.06 to P6.21. Agrinurture Inc. was up P0.09 to P7.38. PLDT Inc. was down P8 to P1,285.
