Share prices ended down Thursday on risk aversion, tracking leads from regional markets after the US Fed’s rate hike overnight.
The peso closed up.
The Philippine Stock Exchange index was down 9.91 points, a 0.15 percent drop to 6,536.36.
The broader all shares index was down 7.2 points or 0.21 percent to 3,492.77.
Losers edged gainers 98 to 56 with 62 stocks unchanged. Trading turnover reached P3.69 billion.
The peso closed at 54.27 to the dollar, up from 54.50 on Wednesday.
The currency opened at 54.38 and hit
a high of 54.27 and a low of 54.595. Trading turnover reached $1.14 billion.
Asian currencies firmed on Thursday after the US Federal Reserve softened its hawkish stance, with the Philippine peso inching higher after the country’s central bank hiked interest rates in line with expectations.
The peso was marginally higher after weakening earlier in the session.
Globally, the Fed adjusted to a more cautious stance on Wednesday, signaling it was on the verge of pausing interest rate rises, aiding riskier emerging Asian currencies.
Mikhail Philippe Plopenio, analyst at Philstocks Financial Inc. said investors tracked the negative sentiments overseas after the US Fed raised rates by 25 basis points.
“Investors weighed the statements from Federal Reserve chair Jerome Powell regarding inflation, and US Treasury Secretary Janet Yellen playing down ‘blanket insurance’ for US bank deposits which increased fears in the US banking sector. The local market traded in the red territory for the whole session,” Plopenio said.
“Losses were tempered at the last minute ahead of the Bangko Sentral ng Pilipinas’ policy decision,” he added.
Most actively traded Globe Telecom Inc. was up P10 to P1,848. BDO Unibank Inc. was down P2.20 to P124. SM Investments Corp. was steady at P900. Jollibee Foods Corp. was down P4 to P223. PLDT Inc. was down P22 to P1,395. SM Prime Holdings Inc. was up P0.05 to P34. International Container Terminal Services Inc. was up P1 to P28.35. Ayala Land Inc. was up P0.15 to P28.35. Metro Pacific Investment Corp. was down P0.04 to P3.55. Robinsons Land Corp. was down P0.60 to P13.74.
