Share prices closed lower Wednesday on risk aversion.
The peso closed up.
The Philippine Stock Exchange index was down 10.11 points, a 0.16 percent drop to 6,253.96.
The broader All Shares index was down 1.82 points or 0.05 percent to 3,384.45.
Gainers edged losers 100 to 93 with 46 stocks unchanged. Trading turnover reached P10.7 billion.
The peso closed at 56.755 to the dollar, up from 56.82 on Tuesday.
The currency opened at 56.75 and hit a high of 56.705 and a low of 56.777. Trading turnover reached $1.19 billion.
Most Asian emerging market currencies advanced on Wednesday as the dollar slipped and Treasury yields eased, while investors awaited the minutes of the Federal Reserve’s recent policy meeting for insights into the path of interest rates.
Asian currencies benefited as the dollar eased to near a two-week low after recent comments from US Federal Reserve officials signalled that the central bank might not have to raise rates further.
All eyes are now on the minutes of the Fed’s September policy meeting, due later in the day, as well as inflation data for September on Thursday, both of which will provide further clues on the rate outlook.
On the whole, financial markets continued to keep a close watch on the conflict in the Middle East and the price of oil. High oil prices could create additional inflationary concerns for net oil-importing countries such as India, Indonesia and Thailand.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market dropped ahead of the release of the US core inflation report overnight, while the local Central Bank said it is not ruling out a potential quarter-point hike in November.
Most actively traded BDO Unibank Inc. was down P3.30 to P136. SM Prime Holdings Inc. was up P0.10 to P31.10. International Container Terminal Services Inc. was down P3 to P202. Ayala Land Inc. was up P0.10 to P28.65. SM Investments Corp. was up P7 to P828. Jollibee Foods Corp. was down P5.40 to P220.60. Universal Robina Corp. was down P2.90 to P115. Semirara Mining and Power Corp. was down P0.65 to P36. Bank of the Philippine Islands was down P0.40to P108.40. ACEN Corp. was up P0.07 to P5.46.
