Share prices ended down Thursday on risk aversion.
The peso closed up.
The Philippine Stock Exchange index was down 102.22 points, a 1.52 percent drop to 6,609.27.
The broader all shares index was down 36.47 points or 1.02 percent to 3,549.19.
Losers edged gainers 105 to 72 with 52 stocks unchanged. Trading trading turnover reached P4.99 billion.
The peso closed at 55.24 to the dollar, up from 55.32 on Wednesday.
The currency opened at 55.25 and hit a high of 55.14 and a low of 55.29. Trading turnover reached $926.3 million.
Most Asian currencies traded mixed on Thursday, with Thailand’s baht leading losses, in the wake of a heavy sell-off on Wednesday after a string of US data overnight and hawkish comments from Federal Reserve Chair Jerome Powell, Reuters reported.
Analysts expect the US dollar to be volatile in the first half of 2023, which will in turn spur uncertainty for emerging Asian currencies. They, however, expect some stability in the dollar towards the second half of this year, improving the outlook for Asian currencies.
Investors are waiting for the February US jobs report due on Friday for the next cues on the trajectory of interest rates.
Luis Limlingan, managing director at Regina Capital and Development Corp., said investors’ risk aversion were stoked by the higher than expected figures in the preliminary jobs report in the US release overnight which raised the chances for a more hawkish monetary policy by the US Fed, dragging the local monetary policy with it.
“Stronger-than-expected private payrolls numbers for Feb reaffirmed the strength of the economy. Powell reiterated his warning message to lawmakers that the central bank may raise interest rates higher than previously anticipated,” Limlingan said.
Most actively traded BDO Unibank Inc. was up P0.30 to P128.30. Ayala Land Inc. was down P1.15 to P27. International Container Terminal Services Inc. was up P1.40 to P212.40. Globe Telecom Inc. was up P1.40 to P212.40. Globe Telecom Inc. was down P39 to P1,800. SM Investments Corp. was down P18 to P871. Robinsons Land Corp. was down P0.30 to P14.34. Semirara Mining and Power Corp. was down P1.40 to P28.50. SM Prime Holdings Inc. was down P1.10 to P34.95. Metro Pacific Investments Corp. was down P0.12 to P4.07. PLDT Inc. was down P45 to P1,280.
