Share prices fell Tuesday on profit-taking.
The peso closed lower.
The Philippine Stock Exchange index (PSEi) was down 43.45 points to 6,637, a 0.65 percent drop.
The broader All Shares index was down 17.54 points or 0.5 percent to 3,506.23.
Losers edged gainers 114 to 67 with 58 stocks unchanged. Trading turnover reached P5.98 billion.
The peso closed at 55.83 to the dollar, down from 55.77 on Monday.
The currency opened at 55.85 and hit a high of 55.795 and a low of 55.99. Trading turnover reached $1.62 billion.
Most Asian currencies fell on Tuesday, with the South Korean won leading the losses, pressured by a stronger US dollar as investors continued to gauge the path of interest rates in the world’s largest economy, Reuters reported.
The MSCI emerging markets currency index fell more than 0.3 percent to trade near a one-month low.
Market participants now await Fed Governor Christopher Waller’s speech later on Tuesday, who shifted from his traditionally hawkish stance in November.
Investors were also cautious on the uptick in Brent crude prices after Middle East tensions escalated, leading to a spike in shipping rates between Asia and Europe, which may add to existing inflation woes.
Luis Limlingan, managing director at Regina Capital and Development Corp.,said renewed fears about the state of the Chinese property market kept investors on the sidelines, while others awaited a slew of corporate earnings in the US.
Mikhail Philippe Plopenio, analyst at Philstocks Financial Inc., said investors also took to profit taking after a three-day rally.
“Investors seem to be waiting for a positive catalyst to emerge first before pushing through with a sustainable rally. The tension in the Red Sea is also being monitored by many as this poses an upside risk to oil prices. This comes amid reports that oil tankers are avoiding the said area amid the turmoil between the US forces and the Houthis,” Plopenio said.
Most actively traded SM Prime Holdings Inc. was steady at P33.75. Ayala Land Inc. was down P0.70 to P33.30. BDO Unibank Inc. was up P0.30 to P139.30. International Container Terminal Services Inc. was down P2.80 to P248.40. Ayala Corp. was down P0.50 to P680. Universal Robina Corp. was up P0.10 to P120.20. SM Investments Corp. was down P15 to P890. JG Summit Holdings Inc. was up P0.90 to P41.90. Bank of the Philippine Islands was steady at P109. Jollibee Foods Corp. was down P3.80 to P263.
