Share prices ended lower Thursday, tracking overseas leads. The peso closed lower too.
The Philippine Stock Exchange index (PSEi) was down 50.13 points, a 0.81 percent drop to 6,156.11.
The broader all shares index was down 19.18 points or 0.59 percent to 3257.83.
Losers edged gainers 114 to 61 with 37 stocks unchanged. Trading turnover reached P4.45 billion.
The peso closed at 58.80 to the dollar, down from 58.47 on Wednesday.
The currency opened at 58.40 and hit a high of 58.30 and a low of 58.87. Trading turnover reached $847.7 million.
Emerging Asian currencies fell on Thursday, with the Malaysian ringgit plunging to its lowest in over two decades, as the dollar strengthened after the US Federal Reserve flagged rates could rise further than expected, in contrast to expectations, Reuters reported.
The US dollar index rose 0.3 percent, weighing on the currencies in the region.
The Fed raised rate by 75 bps, as expected, on Wednesday, and investors were hoping for signals of smaller hikes down the line.
Instead, Chair Jerome Powell said there was “some ground to cover” for the target federal funds rate to reach a “sufficiently restrictive” level that will slow inflation.
“We note that markets were already pricing in higher terminal rates relative to earlier Fed expectations, so a broader rout among Asian FX may still be less likely at this point,” Maybank analysts said in a note.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market tracked regional movements after the the US Fed raised rates.
Most actively traded International Container Terminal Services Inc. was up P9.50 to P172.
BDO Unibank Inc. was down P2.40 to P126.80. SM Prime Holdings Inc. was steady at P32.30. Ayala Land Inc. was down P0.55 to P26.65. Semirara Mining and Power Corp. was up P1.45 to P35.25. Bank of the Philippine Islands was up P0.15 to P94.15. Universal Robina Corp. was down P3.10 to P119.80. Globe Telecom Inc. was up P30 to P2,260. SM Investments Corp. was down P23 to P820. PLDT Inc. was down P35 to P1,608.
