Share prices ended lower Tuesday on last-minute selling on lack of stimulating news. The peso closed up.
The Philippine Stock Exchange index (PSEi) was down 28.18 points, a 0.4 percent drop to 7.041.5.
The broader all shares index was down 4.77 points or 0.13 percent to 3,686.48.
Gainers edged losers 103 to 89 with 48 stocks unchanged. Trading turnover reached P5.4 billion.
The peso closed at 54.435 to the dollar, up from 54.54 on Monday. The currency opened at 54.60 and hit a high of 54.39 and a low of 54.64. Trading turnover reached $1.05 billion.
The peso gained 0.3 percent, with the country’s central bank governor anticipating annual inflation to ease to below 4 percent by the third quarter, as aggressive tightening and supply-side intervention take root.
Aiding gains in holiday-thinned trading, the dollar index struggled as traders continued to gauge the risks of a US recession and the path for the Federal Reserve policy.
Claire Alviar, analyst at Philstocks Financial Inc., said the market’s drop is due to a a lack of catalyst for a more aggressive buying by investors.
Investors also await the Philippines’ economic growth for the full year due Thursday.
“Investors took profits at the last minute, dragging the bourse to the red territory,” she said.
Most actively traded Metro Pacific Investments Corp. was up P0.28 to P4.35. Ayala Land Inc. was up P0.05 to P32.85. Robinsons Land Corp. was up P0.82 to P15.82. BDO Unibank Inc. was down P0.10 to P122.40. PLDT Inc. was up P26 to P1,504. SM Prime Holdings Inc. was down P0.50 to P37.50. Semirara Mining and Power Corp. was down P1.25 to P33.50.
ACEN Corp. was up P0.13 to P7.34. Globe Telecom Inc. was up P78 to P2,120. Universal Robina Corp. was up P4 to P144.
