Share prices eded lower Tuesday tracking overseas leads. The peso closed up.
The Philippine Stock Exchange index (PSEi) was down 17.27 points, a 0.26 percent drop to 6,603.56.
The broader All Shares index was down 6.61 points or 0.19 percent to 3,527.42.
Losers edged gainers 107 to 80 with 44 stocks unchanged. Trading turnover reached P6.04 billion.
The peso closed at 55.725 to the dollar, up from 55.82.
The currency opened at 55.70 and hit a high of 55.57 and a low of 55.75. Trading turnover reached $1.19 billion.
Claire Alviar, analyst at Philstocks Financial Inc. said concerns over the US debt ceiling continued to weigh on investor sentiment.
“The meeting regarding the debt ceiling was said to be ‘productive’ however, it ended without a deal yet, causing concerns among investors. This will remain the focus of investors in the next few days given the importance of the deal,” she said.
US President Joe Biden and House Speaker Kevin McCarthy could not reach an agreement Monday on how to raise the US government’s $31.4 trillion debt ceiling, but vowed to keep the talks alive.
Further weighing on emerging assets, some Federal Reserve officials hinted on Monday that the US central bank still has more to go in tightening monetary policy, helping the dollar hit a six-month high against the yen. Additionally, the Chinese yuan dipped 0.2 percent.
Most actively traded BDO Unibank Inc. was down P1.10 to P137.90. SM Prime Holdings Inc. was up P0.50 to P34.50. Ayala Land Inc. was down P0.40 to P26.10. SM Investments Corp. was down P4 to P920. Ayala Corp. was down P10.50. GT Capital Holdings Inc. as up P12 to P519. Bank of the Philippine Islands was up P0.10 to P103. Jollibee Foods Corp. was down P2.60. 8990 Holdings Inc. was down P0.02 to P9.33. Monde Nissin Corp. was down P0.06 to P8.54.
