Share prices ended down Tuesday on risk aversion.
The peso closed lower.
Philstocks Financial Inc. said Tuesday’s market drop “reflects negative investor sentiment due to concerns about rising inflation and a weakening peso.”
“Inflation for May is expected to exceed the government’s target range of 2 to 4 percent,” Philstocks said.
The Philippine Stock Exchange index fell 84.32 points to 6,386.42, a 1.3 percent drop.
The broader All Shares index was down 32.01 points or 0.92 percent to 3,439.04.
Losers edged gainers 128 to 80 with 32 stocks unchanged. Trading turnover reached P6.01 billion.
The peso closed at 58.71 to the dollar, down from 58.68 on Monday.
The currency opened at 58.62 and hit a high of 58.58 and a low of 58.75. Trading turnover reached $1.32 billion.
Most Asian currencies drifted in a narrow range on Tuesday, as data from the world’s largest economy pointed towards a growth slowdown.
The 10-year benchmark bond yield rose 12 basis points to 7.0553 percent earlier in the day, witnessing its biggest single-day spike in eight months. It was last up 10 bps.
Markets now await the monthly US payroll figures due on Friday, which could give more clarity on where interest rates are headed.
Most actively traded SM Investments Corp. was down P35 to P818. International Container Terminal Services Inc. was down P4.40 to P33.60. Aboitiz Equity Ventures Inc. was up P1.10 to P38. BDO Unibank Inc. was down P1.10 to P136.90. Ayala Land Inc. was up P0.15 to P27.65. Metropolitan Bank and Trust Co. was up P1.55 to P67.45. SM Prime Holdings Inc. was down P0.85 to P26.50. GT Capital Holdings Inc. was down P23.50 to P596.50. Ayala Corp. was down P5.50 to P589. PLDT Inc. was up P6 to P1,416.
