Share prices ended lower Tuesday on profit-taking.
The Philippine Stock Exchange index (PSEi) was down P7.14 points to 7,156.07, a 0.1 percent drop.
The broader all shares index was down 0.11 point to 3,797.43, a 0.003 percent drop.
Gainers edged losers 88 to 82 with 57 stocks unchanged. Trading turnover reached P4.17 billion.
The peso closed at 51.19 to the dollar, up from 51.38 on Monday.
The currency opened at 51.32 and hit a high of 51.14 and a low of 51.355. Trading turnover amounted to $1.3 billion.
Most Asian currencies traded largely flat against the US dollar, Reuters reported.
Oil prices jumped in early trading as uncertainty over supply loomed after talk of imposing a fresh round of sanctions against Russia, while Iran nuclear talks stalled.
Yields on US Treasury notes were little changed but the 2-year/10-year curve still remained inverted, hinting at a possible recession on the horizon.
Yields on Singapore’s 10-year bond fell for a second straight day, by 2.3 basis points, to 2.311 percent, while Indonesia’s benchmark bond yields rose to 6.759 percent.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said the market’s pullback follows the announcement of a surge in inflation in March to 4 percent from February’s 3 percent, which dampened investors sentiment.
Trading was “lackadaisical,” he said, noting that many investors are still on the sidelines due to the lingering uncertainties, from the Russia-Ukraine war, to the US’ inverting yield curve, to the nearing national elections.
Most actively traded Converge ICT Solutions Inc. was up P0.35 to P29.30. Ayala Land Inc. was down P0.45 to P34.85. SM Investments Corp. was down P1 to P889.Globe Telecom Inc. was down P78 t P2,420. BDO Unibank Inc. was up P2.20 to P133.40. Bloomberry Resorts Corp. was down P0.19 to P6.18. Aboitiz Equity Ventures Inc. was steady at P60. International Container Terminal Services Inc. was up P1.20 to P226. Unibank Bank Inc. was up P2.20 to P101.50. PLDT Inc. was up P3 to P1,818.
