Share prices ended lower Wednesday on profit-taking.
The Philippine Stock Exchange index (PSEi) was down 31.65 points or 0.46 percent to 6,818.99.
The broader all shares index was down 5.2 points, a 0.14 percent drop to 3,619.68.
Gainers edged losers 117 to 94 with 34 stocks unchanged. Trading turnover reached P8.04 billion.
The peso closed at 55.86 to the dollar, down from 55.83 on Tuesday.
The currency opened at 55.83 and hit a high of 55.70 and a low of 55.91. Trading turnover reached $918.65 million.
Claire Alviar, analyst at Philstocks Financial Inc., said the market’s drop is primarily a result of profit taking after seven consecutive days of uptick.
“The profit taking was ahead of the interest rate decision of the Bangko Sentral ng Pilipinas (BSP),” Alviar said.
She noted despite Wednesday’s decline, the market still holds ground above the 6,800 immediate support level.
“We are seeing the strong one at 6,600 while the resistance would be at 7,000-7,100,” she said.
Most actively traded BDO Unibank Inc. was up P2.80 to P128.20. Ayala Land Inc. was down P0.80 to P29.40. International Container Terminal Services Inc. was down P2 to P186. SM Investments Corp. was up P2 to P882. Ayala Corp. was up P5 to P775. Converge ICT Solutions Inc. was up P0.25 to P19.55. Solar Philippines Nueva Ecija Corp. was up P0.01 to P1.80. Bank of the Philippine Islands was down P2.60 to P93. PLDT Inc. was down P47 to P1,708. Philex Mining Corp. was up P0.18 to P3.38.