Share prices ended lower Wednesday on risk aversion to new infections of the coronavirus disease 2019 (COVID-19).
The Philippine Stock Exchange index was down 49.55 points to 6,473.03, a 0.76 percent drop.
The broader all shares index was down 29.66 points to 4,010.09, a 0.73 percent drop.
Losers edged gainers 144 to 44 with 37 stocks unchanged. Trading turnover reached P4.47 billion.
The peso closed at 50.37 to the dollar, up from 50.42 on Tuesday.
The currency opened at 50.40 and hit a high of 50.35 and a low of 50.43. Trading turnover reached $686.5 million.
Reuters reported the peso led gains among currencies as US Treasury yields tumbled overnight to pull the greenback lower on lingering concerns about the fast-spreading Delta virus variant that could thwart global economic growth.
The Singapore dollar, Taiwan dollar and Malaysian ringgit traded flat to 0.3 percent higher.
Claire Alviar, analyst at Philstocks Financial Inc., said the market dropped “due to the threat of the Delta variant amid a weak rally yesterday.”
“Investors took cues on the performance of the US markets overnight,” she said.
Alviar said OCTA Research warned of a surge in Metro Manila while the Department of Health acknowledged the increase in COVID-19 infections.
“This affects investors’ sentiment towards the market as the possibility of placing the NCR (National Capital Region) under stricter lockdown measures is rising,” she said.
Alviar also noted many traders were also on the sidelines, waiting for the next quarantine measures, as the value turnover remains below P5 billion.
Most actively traded Ayala Land Inc. was up P0.20 to P34.05. BDO Unibank Inc. was down P2.20 to P104.20. SM Prime Holdings Inc. was down P0.55 to P33.40. Ayala Corp. was down P10 to P730. LT Group Inc. was down P0.05 to P9.50. SM Investments Corp. was down P2 to P954. AC Energy Corp. was down P0.16 to P7.80. JG Summit Holdings Inc. was down P1.45 to P57.50. International Container Terminal Services Inc. was down P1 to P162. Jollibee Foods Corp. was down P5.20 to P190.50.
