Stocks down on thin trade

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Share prices closed lower yesterday on lack of strong leads.

The peso closed up.

The Philippine Stock Exchange index  was down 6.98 points, a 0.11 percent drop to 6,246.20.

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The broader All Shares index was down 2.03 points or 0.06 percent to 3,328.01.

Losers edged gainers 91 to 74 with 49 stocks unchanged. Trading turnover reached P2.33 billion.

The peso closed at 55.39 to the dollar, up from 55.45 on Wednesday. The currency opened at 55.45 and hit a high of 55.38 and a low of 55.545. Trading turnover reached $1.07 billion.

Asian markets struggled for direction on Thursday in holiday-thin trade.

The US dollar index inched lower by 0.1 percent by 0327 GMT and Treasury yields rebounded from early declines overnight after economic data in the US, including jobless claims, durable goods, and consumer sentiment, suggested the economy was softening after about 20 months of policy tightening by the Federal Reserve.

Recent evidence of a slowing economy and disinflation in the US had pushed the dollar into a three-week spell of weakness, helping Southeast Asian currencies regain some lost ground.

Markets have dialled back expectations of Fed rate cuts in 2024, with futures now showing a 27 percent chance that it cuts its target rate at the March 2024 policy meeting, according to CME Group’s FedWatch tool.

Luis Limlingan, managing director at Regina Capital and Development Corp., said the market traded mixed on thin volume amid a shortened trading week in the US. There was no trading yesterday in observance of Thanksgiving holiday.

Mikhail Philippe Plopenio, said there is  no catalyst for investors to buy more shares.

Most actively traded Universal Robina Corp. was up P1.10 to P121. Jollibee Foods Corp. was down P1.20 to P238.80. AREIT Inc. was up P0.15 to P29.25. International Container Terminal Services Inc. was down P3 to P215.40. SM Prime Holdings Inc. was up P0.45 to P31.95. BDO Unibank Inc. was up P0.40 to P131.90. Ayala Land Inc. was down P0.25 to P29.60. SM Investments Corp. was steady at P830. Ayala Corp. was down P2 to P647.50. Monde Nissin Corp. was up P0.29 to P8.48.

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