Share prices ended lower on Thursday on profit-taking.
The Philippine Stock Exchange index (PSEi) was up 49.83 points to 7,369.27, a 0.67 percent drop.
The broader all shares index was down 22.27 points to 3,913.27, a 0.57 percent drop.
Losers edged gainers 126 to 62 with 51 stocks unchanged. Trading turnover reached P8 billion.
The peso closed at 50.39 to the dollar, down from 50.34 on Wednesday.
The currency opened at 50.35 and hit a high of 50.33 and a low of 50.545. Trading turnover reached $1.21 billion.
Supporting the dollar, several Fed policymakers said they would be open to speeding up the taper of their bond-buying program if inflation stayed high, and to move more quickly to raise interest rates, minutes of the central bank’s November 2-3 policy meeting showed on Wednesday, Reuters reported.
Currencies in Asia’s emerging markets have come under pressure in recent sessions as a hawkish-leaning Fed shores up support for the greenback, although a firm yuan continues to provide some support to currencies in the region.
Traders said the demand for yuan remains strong as companies seek to convert their dollar receipts into the local currency, and this trend is expected to continue for now.
Luis Limlingan, managing director at Regina Capital and Development Corp., said profit-taking hit the market “ahead of the US holiday.”
Claire Alviar, analyst at Philstocks Financial Inc., said sentiment also “took a hit from the Federal Reserve’s latest minutes of the meeting which show(ed) that its members are willing to raise policy rates sooner than anticipated if the US’ inflation continues to accelerate.”
Most actively traded Monde Nissin Corp. was down P0.14 to P17.88. Converge ICT Holdings Inc. was down P1.15 to P30.35. AC Energy Corp. was up P0.06 to P11.90. SM Prime Holdings Inc. was down P0.45 to P37.05. Globe Telecom Inc. was down P100 to P3,500.
International Container Terminal Services Inc. was up P1.90 to P197. BDO Unibank Inc. was down P1.70 to P130.40. Premier Horizon Alliance Corp. was up P0.17 to P0.79.
Universal Robina Corp. was up P1.40 to P132.20.
