Share prices fell Thursday as investors adjusted their expectation when central bank officials here and abroad hinted a delay on the much-awaited rate cuts.
The peso closed up.
The Philippine Stock Exchange index (PSEi) was down 41.2 points to 6,87.34, a 0.6 percent drop.
The broader All Shares index was down 19.7 points or 0.55 percent to 3,567.89.
Losers edged gainers 109 to 64 with 44 stocks unchanged. Trading turnover reached P4.99 billion.
The peso closed at 55.82 to the dollar, up from 55.87 on Wednesday.
The currency opened at 55.77 and hit a high of 55.75 and a low of 55.90. Trading turnover reached $932.05 million.
Most Asian currencies and equities rose on Thursday, buoyed by growing expectations that US rate cuts are on the table this year.
Mikhail Philippe Plopennio, analyst at Philstocks Financial Inc., said investors were disappointed by delayed rate cut in the Philippines.
Investors’ rate cut hopes were tempered after Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona stated it is still too early to cut policy rates as there is no assurance inflation will settle comfortably within the 2 to 4 percent target.
“Additionally, investors digested the statement from Federal Reserve Chair Jerome Powell overnight saying the Fed is not yet ready to cut rates,” he added.
Most actively traded BDO Unibank Inc. was up P0.50 to P153. Bank of the Philippine Islands was down P0.90 to P117. SM Prime Holdings Inc. was down P1.30 to P31.90. International Container Terminal Services Inc. was up P8 to P300. Ayala Land Inc. was down P0.50 to P32.80. Universal Robina Corp. was down P0.90 to P112.40. SM Investments Corp. was up P7.50 to P960.50. Metropolitan Bank and Trust Co. was down P3 to P59.70. Ayala Corp. was down P8.50 to P675. GT Capital Holdings Corp. was down P19.50 to P675.5.