Share prices declined Monday on concerns the US Fed may keep its interest rates higher for longer than anticipated.
The peso closed lower.
The Philippine Stock Exchange index was down 60.12 points to 6,458.64, a 0.92 percent drop.
The broader All Shares index was down 24.69 points or 0.71 percent to 3,467.24.
Losers edged gainers 109 to 58 with 66 stocks unchanged. Trading turnover reached P3 billion.
The peso closed at 58.79 to the dollar, down from 58.52 on Friday.
The currency opened at 58.75 and hit a high of 58.67 and a low of 58.80. Trading turnover reached $604.85 million.
The US dollar index, measured against a basket of major currencies, was at 105.250 as of Friday’s close, its highest level since mid-May.
Markets are now focused on US inflation and monetary policy decision due on June 12.
Even though the Federal Reserve is widely expected to keep rates on hold, investors will be more watchful of any future projection on rates.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market’s drop was driven by the stronger-than-expected US jobs data last week, “which bolstered the belief the Fed won’t be slashing rates any time soon.”
“Additionally, investors are gearing up for the upcoming US inflation data release this week, with analysts anticipating that US inflation will likely remain steady quarter on quarter,” he said.
International Container Terminal Services Inc. was down P4.40 to P350. BDO Unibank Inc. was down P3.90 to P136. Ayala Land Inc. was down P0.65 to P27.15. Universal Robina Corp. was up P1.50 to P109. Metropolitan Bank and Trust Co. was down P1.50 to P68. SM Investments Corp. was up P7 to P847. Manila Electric Co. was down P3 to P360. Bank of the Philippine Islands was down P0.80 to P119. SM Prime Holdings Inc. was down P0.20 to P27.35. GT Capital Holdings Inc. was down P13 to P587.
