Share prices closed lower Tuesday tracking overseas leads. The peso also closed down.
The Philippine Stock Exchange index (PSEi) was down 34.81 points, a 0.53 percent drop to 6,472.97.
The broader All Shares index was down 12.81 points or 0.37 percent to 3,461.97.
Losers edged gainers 91 to 72 with 66 stocks unchanged. Tradingtrunover reached P4.58 billion.
The peso closed at 56.24 to the dollar, down from 56.02 on Monday. The currency opened at 56.18, and hit
a high of 56.14 and a low of 56.38. Trading turnover reached $1.15 billion.
Asian currencies traded lower on Tuesday after exports in China fell much faster than expected in July, while investors brace for inflation data from China and the United States due later in the week.
The Philippines posted a trade deficit of $3.92 billion for June, the narrowest since February. The data came ahead of the release of the country’s second-quarter gross domestic product (GDP) print on Thursday.
Josua Pardede, a chief economist at PermataBank, said the narrowing trade deficit reflects likely easing in consumption and investment and he sees second-quarter GDP falling to around 5.9 percent to 6 percent year-on-year.
Juan Paolo Colet, managing director at China Bank Capital Corp. said the market failed to sustain yesterday’s technical rebound as investors sold off after disappointing China trade data that showed a massive contraction in July imports and exports.
‘The PSEi’s performance also tracked many Asian markets lower given the latest sign of China’s economic slowdown,” he said.
Most actively traded Ayala Land Inc. was up P0.70 tovP28.40. Metro Pacific Investments Corp. was up P0.07 to P4.97. International Container Terminal Services Inc. was up P0.80 to P208.80. SM Investments Corp. was down P6.50 to P895. BDO Unibank Inc. was steady at P141. Ayala Corp. was down P11.50 to P612 50. Universal Robina Corp. was down P0.40 to P124. SM Prime Holdings Inc. was down P0.55 to P32.70. Bloomberry Resorts Corp. was up P0.62 to P11.90.
