Share prices ended down Wednesday on profit- taking.
The Philippine Stock Exchange index (PSEi) was down 3.38 points to 6,973.35, a 0.05 percent drop.
The broader all shares index was down 1.08 points to 4,221.80, a 0.03 percent drop.
Gainers edged losers 111 to 96 with 53 stocks unchanged. Trading turnover reached P10.71 billion.
The peso closed at 48.09, down from 48.03 on Tuesday. The currency opened at 48.08 and hit a high of 48.05 and a low of 48.19. Trading turnover reached $1.15 billion.
Most emerging Asian currencies weakened slightly against the dollar on Wednesday, as markets awaited the end of the US Federal Reserve’s two-day meeting which could offer a clearer timeline for a shift from its ultra-loose policy, Reuters reported.
The Indonesian rupiah and the Philippine peso gave up about 0.2 percent each, while the Singapore dollar and the Thai baht edged 0.1 percent lower against a steady dollar.
Indications of when the Fed will start tapering its bond-buying program and raise interest rates will be key for investors and regional central banks, as well as its comments about quickening inflation which the Fed has called transitory.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market’s flat performance was a result of investors “rotating positions ahead of the FTSE rebalancing (as they) continue to digest the recent release of economic data.”
“The Fed’s two-day policy meeting also started. Consensus continues to expect the first hint about tapering in August or September, followed by a formal announcement in December and the start of tapering at the beginning of next year. The best guess of the consensus is that the dots will not show a hike in 2023, but it is a close call,” he said.
Most actively traded SM Prime Holdings Inc. was steady at P38. BDO Unibank Inc. was up P5.20 to P117.90. Jollibee Foods Corp. was down P8.20. Ayala Land Inc. was up P0.55 to P37.65. First Philippine Holdings Inc. was up P2.55 to P75.50. AC Energy Corp. was up P0.10 to P8.44. Bank of the Philippine Islands was up P1.75 to P88. PLDT Inc. was down P27 to P1,281. Boulevard Holdings Inc. was down P0.018 to P0.114. Ayala Corp. was up P1 to P819.50.
