Share prices ended lower Monday on profit taking.
The peso closed up.
The Philippine Stock Exchange index (PSEi) was down 84.92 points, a 1.27 percent drop to 6,600.74.
The broader all shares index was down 30.42 points or 0.86 percent to 3,525.64.
Losers edged gainers 92 to 86 with 58 stocks unchanged. Trading turnover reached P5.87 billion.
The peso closed at 55.25 to the dollar, up from 55.30 on Friday.
The currency opened at 55.40, an intraday low, and hit a high of 55.22. Trading turnover reached $989.15 million.
Asian currencies were mixed on Monday after strong US jobs data crushed hopes of a pause in monetary tightening, with investors gathering focus on upcoming inflation data for more clues on interest rate trends, Reuters reported.
The robust US payrolls report last week quashed bets the Federal Reserve would pause rate hikes, and any surprise from consumer prices due on Wednesday would further challenge wagers for a rate cut as soon as September.
Also on investors’ minds is the Fed’s banking survey results due later in the day as the world’s largest economy continues to face turmoil in the sector.
In the Philippines, the central bank has raised its benchmark interest rate to 6.25 percent in its inflation battle.
But with inflation on track to settle within the government’s 2 to 4 percent target in the fourth quarter and with prices easing further in April, more factors are in place for a pause in the country’s 10-month tightening cycle.
Luis Limlingan, managing director at Regina Capital and Development Corp., said investors took to profit takes after a strong week in local equities last week, and ahead of the release of the country’s economic result for the first quarter later in the week.
Most actively traded BDO Unibank Inc. was steady at P137. Universal Robina Corp. was up P2.50 to P150.80. Ayala Land Inc. was down P1.35 to P26.90. International Container Terminal Services Inc. was down P3 to P210. Ayala Corp. was up P9.50 to P695.50. SM Prime Holdings Inc. was down P1 to P33.30. PLDT Inc. was down P50 to P1,200. Bank of the Philippine Islands was down P2.90 to P105.10. ACEN Corp. was down P0.10 to P6.07. JG Summit Holdings Inc. was down P0.50 to P49.40.
