Share prices ended lower Wednesday on heightened risk aversion.
The Philippine Stock Exchange index was down 85.07 points to 6,635.86, a 1.27 percent drop.
The broader all shares index was down 26.65 points to 3,557.97, a 0.74 percent drop.
Losers edged gainers 103 to 97 with 48 stocks unchanged. Trading turnover reached P6.64 billion.
The peso closed at 52.275 to the dollar, up from 52.37.
The currency opened at P52.32, and hit a high of 52.222 and a low of P52.35. Trading turnover reached P898.9 million.
Asian currencies were broadly higher on Wednesday as selling pressure was eased after US bond yields dropped overnight.
Luis Limlingan, managing director at Regina Capital and Development Corp. , said the market dropped ahead of the release of the first quarter economic growth today, Wednesday, and the US inflation overnight.
“Our house call is a growth of 7 percent, while the Bloomberg consensus is at 6.8 percent.
We attribute the expansion in output to favorable base effects (1Q 2021 GDP of -3.8 percent) and election spending, but surging inflation during the period could have weighed on growth momentum,” he said.
Limlingan also the market reacted to news the agriculture sector contracted in the first quarter.
Most actively traded SM Investments Corp. was down P20 to P825. Ayala Land Inc. was down P0.90 to P30.60. SM Prime Holdings Inc. was down P0.25 to P34.25. BDO Unibank Inc. was steady at P129. International Container Terminal Services Inc. was down P1.80 to P218. PLDT Inc. was up P37 to P1,885. AC Energy Corp. was down P0.28 to P6.92. Ayala Corp. was down P36 to P704. Converge ICT Solutions Inc. was down P0.30 to P27.30. Bloomberry Resort Corp. was up P0.39 to P6.58.
