Share prices closed down Tuesday on risk aversion.
The peso ended lower.
The Philippine Stock Exchange index (PSEi) was down 77.88 points, a 1.24 percent drop to 6212.39.
The broader All Shares index was down 30.46 points or 0.9 percent to 3,352.95.
Losers edged gainers 122 to 60 with 40 stocks unchanged. Trading turnover reached P4.79 billion.
The peso closed at 56.38 to the dollar, down from 56.18 on Friday.
The currency opened at 56.30, and hit a high of 56.40 and a low of 56.085. Trading turnover reached $1.44 billion.
Asian currencies inched marginally higher on Tuesday, even as rising US yields pushed up the dollar against most global currencies, while the central bank said it may intervene in the foreign exchange market to support the currency, Reuters reported.
The Bangko Sentral ng Pilipinas (BSP) said it could intervene to prevent a repeat of last year’s slump in the peso to 60 to the dollar, with the currency having weakened since mid-July, to hit its lowest level on August14 since November.
Juan Paolo Colet, managing director at Regina Capital and Development Corp., the market was sold down “after slicing through major support lines last week amidst heavy foreign selling.”
“Although most Asian markets were in positive territory, sentiment in our market remained weak as rising US treasury yields and an underwhelming China interest rate cut have prompted investors to reassess their risk exposure to equities,” he said.
Most actively traded BDO Unibank Inc. was up P0.80 to P139. Bank of the Philippine Islands was up P1.80 to P112.90. SM Prime Holdings Inc. was up P0.60 to P30.60 Universal Robina Corp. was down P4.20 to P113.40. Ayala Land Inc. was down P1.20 to P28.30.
Ayala Corp. was down P5 to P585. JG Summit Holdings Inc. was down P1.75 to P36.30. SM Investments Corp. was down P30.50 to P829.50. International Container Terminal Services Inc. was down P8 to P205.80. Jollibee Foods Corp. was down P4.80 to P239.
