Share prices closed lower Tuesday tracking overseas leads.
The peso closed down.
The Philippine Stock Exchange index (PSEi) was down 21.96, a 0.34 percent drop to P6,528.80.
The broader All Shares index was down 10.89 points or 0.31 percent to 3,482.75.
Losers edged gainers 106 to 71 with 52 stocks unchanged. Trading turnover reached P3.2 billion.
The peso closed at 54.41 to the dollar, down from 54.38 on Monday.
The currency opened at 54.41 and hit a high of 54.36 and a low of 54.465. Trading turnover amounted to $753.4 million.
The Thai baht surged 0.9 percent to lead gains among Asian currencies on Tuesday, scaling a two-month peak.
The US dollar index, which measures the greenback against a basket of six currencies, fell 0.15 percent to 99.753 in Asia trade, languishing near a more than one-year low hit on Friday.
Claire Alviar, analyst at Philstocks Financial Inc., said the market’s drop was influenced by the ripple effect of the disappointing economic growth in China reported Monday.
Data released on Monday showed China’s economy grew at a frail pace in the second quarter as weakening of demand at home and abroad continued to weigh on sentiment.
“At home, cash remittance growth in May did not provide optimism as it marked the slowest rate since February’s 2.4 percent growth,” she said.
Most actively traded BDO Unibank Inc. was down P5.30 to P139.50. Ayala Land Inc. was up P0.25 to P25.70. Manila Electric Co. was up P1.40 to P351. Aboitiz Power Corp. was down P1.65 to P34. Bank of the Philippine Islands was up P0.10 to P116.10. Ayala Corp. was up P4 to P615. Jollibee Foods Corp. was steady at P250. GT Capital Holdings Inc. was up P6 to P525. PLDT Inc. was down P16 to P1,289. SM Prime Holdings Inc. was up P0.20 to P33.
