Share prices closed lower yesterday as investors opted to take profit ahead of the US inflation report for August out today.
The Philippine Stock Exchange index was down 3.54 points, a 0.06 percent drop to 6,230.20.
The broader All Shares index was down 4.02 points or 0.12 percent to 3,359.43. Losers edged gainers 95 to 79 with 61 stocks unchanged. Trading turnover reached P3.97 billion.
The peso closed at 56.65 to the dollar, up from 56.69 on Monday.
The currency opened at 56.72 and hit a high of 56.63 and a low of 56.79. Trading turnover reached $1.11 billion.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the peso strengthened against the dollar on possible intervention as signaled by some local monetary authorities since last month in an effort to stabilize the peso exchange rate.
Asian emerging currencies were thinly traded Tuesday as investors exercised caution ahead of key US inflation print, which will show how close the Federal Reserve is to ending its rate hike cycle, Reuters reported.
Luis Limlingan, managing director at Regina Capital and Development Corp., noted the market moved sideways.
Claire Alviar, analyst at Philstocks Financial Inc., said the market was initially trading in the green.
“However, a surge of last-minute profit-taking pushed the market into negative territory, exacerbated by the decline in Philippines’ foreign direct investment net inflows,” she said.
Most actively traded BDO Unibank Inc. was up P1.10 to P132.60. Bank of the Philippine Island was up P1.60 to P107.50. International Container Terminal Services Inc. was down P2 to P209. PLDT Inc. was down P23 to P1,172. GT Capital Holdings Inc. was steady at P590. Semirara Mining and Power corp. was up P0.45 to P34.10. ACEN Corp. was down P0.19 to P4.72. Aboitiz Power Corp. was down P0.30 to P33.45. SM Prime Holdings Inc. was up P0.20 to P30.35. Ayala Corp. was up P2 to P625.
