Share prices fell Wednesday on profit taking.
The peso closed up.
The Philippine Stock Exchange index was down 26.92 points to 6,878.54, a 0.39 percent drop.
The broader All Shares index was down 16.68 points or 0.46 percent to 3,587.59.
Losers edged gainers 104 to 78 with 58 stocks unchanged. Trading turnover reached P4.81 billion.
The peso closed at 55.87 to the dollar, up from 55.95 on Tuesday.
The currency opened at 55.93, an intraday low, and hit high of 55.85. Trading turnover reached $905.5 million.
Most Asian currencies were flat on Wednesday, while the Indonesian rupiah climbed 0.3 percent, ahead of a testimony from the US Federal Reserve Chair Jerome Powell while equities remained under pressure a day after the Chinese parliamentary session did not provide any stimulus measures, Reuters reported.
Market participants remained cautious ahead of congressional testimony from Fed Chair Jerome Powell which will be closely assessed for any clues on when rate cuts will happen in the United States.
Ken Cheung, chief Asia FX strategist at Mizuho Bank said that any remark deviating from the view of “no rush to cut rates” will introduce FX volatility.
Luis Limlingan, managing director at Regina Capital and Development Corp., said investors are on watch for the testimony of Powell overnight.
“They will be seeking additional clarity on where the central bank stands on monetary policy and looking for clues on the pace and timing of anticipated interest rate cuts this year,” Limlingan said.
Most actively traded Bank of the Philippine Islands was up P1.60 to P117.90. Ayala Land Inc. down P0.65 to P33.30. BDO Unibank Inc. was up P1 to P152.50. SM Investments Corp. was down P10 to P953. SM Prime Holdings Inc. was up P0.05 to P33.20. International Container Terminal Service Inc. was downP3.40 to P2929. Metropolitan Bank and Trust Co. was up P0.30 to P62.70. Jollibee Foods Corp. was down P2 to P253. Ayala Corp. was down P1 to P683.50. Manila Electric Co. was down P6 to P367.