Share prices ended lower Thursday as investors looked for stronger leads to trade the market.
The Philippine Stock Exchange index (PSEi) was down 107.48 points to 6,727.93, a 1.57 percent drop.
The broader all shares index was down 44.46 points to 4,183.02, a 1.05 percent drop.
Losers edged gainers 121 to 70 with 57 stocks unchanged. Trading turnover reached P4.88 billion.
The peso closed at 50.22 to the dollar, up from 50.30 on Wednesday. It opened at 50.23, and hit a high of 50.09 and a low of 50.42. Trading turnover reached $1.41 billion.
Most Asian currencies traded in a tight range on Thursday as worries over local COVID-19 outbreaks countered support from relatively resilient China data and the US Federal Reserve Chair Jerome Powell sticking to a dovish tone,” Reuters reported.
Luis Limlingan, managing director at Regina Capital and Development Corp. said the market “slid while investors focused again on the US as Powell’s two-day testimony before Congress started.”
“Powell said the housing prices underscored the ‘uneven’ economic recovery. Meanwhile, discussions are ongoing regarding the eventual unwinding of the Fed’s asset-purchase program,” he said.
Chris Mangun, head of research at AAA Southeast Equities Inc., said the drop was also a function of “lack of a positive catalyst.”
“Investors also took a cautious stance ahead of the government’s decision on the quarantine measures of the country after July 15,” he said.
Most actively traded AC Energy Corp. was up P0.04 to P8.80. SM Prime Holdings Inc. was down P0.30 to P34.75. Ayala Land Inc. was down P0.45 to P35.50. LT Group Inc. was up P0.10 to P11.10. Vulcan Industrial and Mining Corp. was up P0.09 to P2.36. International Container Terminal Services Inc. was down P4.70 to P162.80. PLDT Inc. was down P6 to P1,260. BDO Unibank Inc. was down P2 to P109.50. Universal Robina Corp. was down P5.70 to P135.20. Monde Nissin Corp. was up P0.06 to P16.40.
