The Philippine Stock Exchange index (PSEi) was down 61.19 points, a 0.95 percent drop to 6,404.91.
The broader all shares index was down 34.7 points or 1 percent to 3,44.82.
Losers edged gainers 145 to 41 with 42 stocks unchanged. Trading turnover reached P6.59 billion.
The peso closed at 54.86 to the dollar, up from 54.95 on Wednesday. It opened at 55.01, hitting a high of 54.85 and a low of 55.09. Trading turnover reached $799 million.
Asian currencies were mixed on Thursday after problems at Credit Suisse renewed fears of a full-blown global banking crisis, Reuters reported.
Credit Suisse’s largest investor, Saudi National Bank, said it could not raise its stake in the Swiss bank any further on regulatory grounds, re-igniting jitters among investors about the resilience of the global banking system just days after the collapse of US lender Silicon Valley Bank (SVB).
Investors rushed to safe-haven currencies such as the US dollar and the Japanese yen. The yen appreciated 0.4 percent against the dollar, while the greenback fell after jumping nearly 1 percent in the previous session.
Some Southeast Asian countries so far have flagged no significant or limited impact from the problems facing some banks in the United States as well as Credit Suisse.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the same Credit Suisse concern is stemming optimism in the local market.
“Fortunately, the indices managed to trim their losses following the announcement from a Swiss regulator saying the Swiss National Bank would provide additional liquidity to Credit Suisse if needed,” he said.
Most actively traded International Container Terminal Services Inc. was up P0.30 to P198. BDO Unibank Inc. was down P2.80 to P121.50. Ayala Land Inc. was down P0.20 to P26.30. SM Prime Holdings Inc. was down P0.05 to P26.30. SM Prime Holdings Inc. was down P0.05 to P34. Figaro Coffee Group Inc. was down P0.11 to P0.90. Bank of the Philippine Islands was down P1.40 to P102.90. Globe Telecom Inc. was down P28 to P1,730. Jollibee Foods Corp. was down P9 to P215. PLDT Inc. was down P10 to P1,300. SM Investments Corp. was steady at P874.
