Shares fall on risk aversion, peso up at 55.95:$1

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Share prices fell Tuesday on profit-taking as risk-aversion hit the market.

The peso closed up.

The Philippine Stock Exchange index was down 46.21 points to 6,905.46, a 0.66 percent drop.

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The broader All Shares index was down 14.68 points or 0.41 percent to 3,604.27.

Losers edged gainers 113 to 77 with 50 stocks unchanged. Trading turnover reached P5.37 billion.

The peso closed at 55.95 to the dollar, up from 55.97 on Monday.

The currency opened at 56, and hit a high of 5.95 and a low of 56.04. Trading turnover reached $821.65 million.

Most Asian currencies were largely unchanged on Tuesday, as market participants awaited fresh policy measures from China at its annual parliamentary gathering which started during the day.

Data from the Philippines showed the country’s annual inflation sped up for the first time in five months in February, and came in above market expectations.

The Bangko Sentral ng Pilipinas (BSP) said  risks to the inflation outlook have receded but remain tilted toward the upside.

Frances Cheung, a rates strategist at OCBC, said February inflation was not inconsistent with BSP’s full year forecast which is unlikely to move the needle much for the monetary policy outlook.

“We continue to expect Philippines’ easing cycle to start in late 2024,” Cheung said.

Mikhail Philippe Plopenio, analyst at Philstocks Financial Inc., said investors digested the inflation data for February which came in higher than January’s figures.

“This also broke the four-month declining trend of inflation,” Plopenio said.

“Wall Street’s decline overnight spilled over to the bourse as well amid profit-taking,” he added.

Most actively traded SM Investments Corp. was up P28 to P963. Bank of the Philippine Islands was down P3.70 to P116.30. BDO Unibank In. was down P0.50 to P151.50. SM Prime Holdings Inc. was down P0.05 to P33.15. International Container Terminal Services Inc. was down P4.60 to P295.40. Ayala Land Inc. was down P0.95 to P33.95. Metropolitan Bank and Trust Co. was down P1.30 to P62.40. Universal Robina Corp. was down P2.20 to P112.80. Ayala Corp. was down P2.50 to P112.80. Bloomberry Resorts Corp. was up P0.02 to P11.40.

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