Share prices closed mixed Tuesday due to lack of strong leads as well as the fund rotation to second and third liners by investors.
The peso closed up.
The Philippine Stock Exchange index was down 1.44 points, a 0.02 percent drop to 6,448.9.
The broader All Shares index was down 1.7 points or 0.05 percent to 3,439.54.
Market breadth, however, was positive. Gainers edged losers, 92 to 81 and 47 stocks unchanged. Trading turnover reached P4.75 billion.
The peso closed at 55.52 to the dollar, up from 55.74 on Monday.
The currency opened at 55.75 and hit a high of 55.52 and a low of 55.84. Trading turnover reached $1.21 billion.
Against a basket of currencies, the dollar rose broadly to trade at 102.51 but later capped gains to trade flat.
China lowered its one-year and five-year loan prime rates by 10 basis points (bps), as widely expected, as authorities seek to shore up a slowing recovery.
Analysts at Goldman Sachs continue to expect further policy easing measures to be announced in the next few weeks in China, especially on fiscal, housing and consumption, although the magnitude of stimulus is likely to be smaller than in previous easing cycles.
Claire Alviar, analyst at Philstocks Financial Inc., said investors were still in search for a strong catalyst to drive the market upwards.
Alviar said bargain hunting was seen at the last minute. However, it only trimmed the market’s losses and failed to push the market to the green territory.
Investors were waiting for the meeting of the Bangko Sentral ng Pilipinas, she added.
Most actively traded Ayala land Inc. was down P1.25 to P23.15. PLDT Inc. was up P54 to P1,340. SM Investments Corp. was up P7 to P915. Bank of the Philippine Islands was down P1.30 to P105. BDO Unibank Inc. was down P0.50 to P139.50. SM Prime Holdings Inc. was up P0.05 to P33.55. Ayala Corp. was up P0.05 to P33.55. Ayala Corp. was up P5 to P620.
Metropolitan Bank and Trust Co. was up P1.20 to P54.30. Greenergy Holdings Inc. was up P0.03 to P1.38. Globe Telecom Inc. was up P2 to P1,720.
