Share prices declined Thursday on risk aversion.
The peso closed up.
The Philippine Stock Exchange index was down 19.24 points to 6,390.83, a 0.3 percent drop.
The broader All Shares index was down 7.05 points or 0.2 percent to 3,443.
Losers edged gainers 110 to 73 with 48 stocks unchanged.
The peso closed at 58.58 to the dollar, up from 58.68 on Wednesday.
The currency opened at 58.48 and hit a high of 58.47 and a low of 58.69. Trading turnover reached $1.32 billion.
Most emerging Asian currencies rose on Thursday after the greenback faltered following softer-than-expected US inflation data, while the Federal Reserve signalled fewer rate cuts this year, Reuters reported.
Luis Limlingan, managing director at Regina Capital and Development Corp., said as investors digested the latest policy announcement from the Fed and May inflation data, which pointed to easing pricing pressures.
“As expected, the Fed kept interest rates unchanged. However, the Fed’s projections showed only one rate cut is anticipated this year, citing still elevated levels of inflation,” he said.
Most actively traded International Container Terminal Services Inc. was down P1.20 to P340. Ayala Corp. was down P7.50 to P575. BDO Unibank Inc. was steady at P136. Ayala Land Inc. was up P0.55 to P27.85. SM Investments Corp. was down P12 to P836. Bank of the Philippine Islands was down P2 to P116.10. Manila Electric Co. was up P11 to P376.
Aboitiz Equity Ventures Inc. was up P0.30 to P38.80. Metropolitan Bank and Trust Co. was down P1.30 to P69.15.
