Share prices dropped Wednesday on continued risk-aversion.
The peso was also down.
The Philippine Stock Exchange index (PSEi) fell 0.65 percent or46.81 points to 7,109.26.
The broader all shares index was down 16.94 points to 3,780.49, a 0.45 percent drop.
Losers edged gainers 102 to 79 with 51 stocks unchanged. Trading turnover reached P4.98 billion.
The peso closed at 51.43 to the dollar, down from 51.19 on Tuesday.
The currency opened at 51.25, an intraday high, and hit a low of 51.445. Trading turnover amounted to $1.26 billion.
Asian equities and currencies slipped on Wednesday, hurt by the likelihood of more aggressive monetary tightening by the US Federal Reserve to curb inflation, while the focus also remained on new sanctions against Russia over its invasion of Ukraine, Reuters reported.
Luis Limlingan, managing director at Regina Capital and Development Corp., said Fed comments dragged investor sentiments Wednesday.
Fed governor Lael Brainard said overnight she expected a combination of interest rate rises and a rapid balance sheet runoff to take US monetary policy to a “more neutral position” later this year.
“On top of this, recessionary fears continued to spook investors as Deutsche Bank became the first major Wall St. bank to forecast a US recession is ahead, citing the Fed getting more aggressive to fight inflation,” Limlingan said.
“Amid recessionary fears, Deutsche Bank became the first major bank to forecast a US recession is ahead, citing the Fed getting more aggressive to fight inflation,” he added.
Most actively traded Ayala Land Inc. was down P0.05 to P34.80. Ayala Corp. was down P15 to P800. Converge ICT Solutions Inc. was down P0.30 to P29. SM Investments Corp. was down P7 to P882. Bank of the Philippine Islands was down P1.10 to P98.10. Globe Telecom Inc. was up P12 to P2,432. Semirara Mining and Power Corp. was up P0.90 to P31.50. PLDT Inc. was up P22 to P1,840. BDO Unibank Inc. was steady at P133.40. International Container Terminal Services Inc. was down P4 to P222.
