Share prices closed lower Tuesday on risk aversion as investors tracked overseas leads.
The peso closed lower.
The Philippine Stock Exchange index was down 157.46 points to 6,404.97, a 2.4 percent drop.
The broader All Shares index was down 68.26 points or 1.96 percent to 3,409.85.
Losers edged gainers 154 to 41 with 45 stocks unchanged. Trading turnover reached P7 billion.
The peso closed at 57 to the dollar, its low for the day and down from 56.808 on Monday. The currency opened at 56.85, an intraday low.
Trading turnover reached $1.1 billion.
Mikhail Philippe Plopenio, analyst at Philstocks Financial Inc., investors were weighed by negative factors offshore and at home, leading to the huge drop.
“The continuous selloff was due to the increasing tensions in the Middle East and worries regarding possibly delayed rate cuts by the BSP (Bangko Sentral ng Pilipinas) amid upside risks to inflation,” Plopenio said.
“The negative cues from Wall Street amid rising treasury yields also contributed to the market’s drop. With Tuesday’s decline, the bourse has now dropped for 9 consecutive days which has been the longest losing streak since October 2016,” he added.
Plopenio noted foreign funds were net sellers worth P1.19 billion.
Most actively traded Ayala Land Inc. was down P0.75 to P27.20. International Container Terminal Services Inc. was down P11.80 to P314.20. SM Investments Corp. was down P15 to P932. BDO Unibank Inc. was down P0.90 to P146.40. Ayala Corp. was down P16 to P585. SM Prime Holdings Inc. was down P0.30 to P29.30. Universal Robina Corp. was down P3.75 to P96. Metropolitan Bank and Trust Co. was down P3.70 to P64.30. Jollibee Foods Corp. was downP6.60 to P221.
