Share prices ended lower Thursday on lack of leads.
The Philippine Stock Exchange index (PSEi) was down 50.48 points to 7,299.34, a 0.69 percent drop.
The broader all shares index was down 24.30 points to 3,933.70, a 0.61 percent drop.
Losers edged gainers 141 to 55 with 45 stocks unchanged. Trading turnover reached P7.82 billion.
The peso closed at 50.23 to the dollar, up from 50.39 on Wednesday.
The currency opened at 50.33 and hit a high of 50.23 and a low of 50.375. Trading turnover reached $1.27 billion.
Most emerging Asian currencies firmed on Thursday, as the dollar slipped off a 16-month peak, pausing for breath after a recent rally and amid uncertainty over when the US Federal Reserve will start unwinding its pandemic-era monetary policy, Reuters reported.
Investors were also eyeing policy reviews from the Indonesian and Philippine central banks later in the day, where both are expected to hold interest rates to aid their countries’ economic recovery from the COVID-19 pandemic.
Since the pandemic started, Bank Indonesia has slashed rates by 150 basis points and the Bangko Sentral ng Pilipinas (BSP) has cut rates by 200 basis points.
“Expect elevated price pressures compounded by peso depreciation and gradually improving growth profile to push the BSP to begin the process of withdrawing accommodative stance late in first-quarter of 2022,” said Venkateswaran Lavanya, an analyst at Mizuho Bank, in a note.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said the market’s drop continued as investors opted to exit “amid the lack of a positive catalyst.”
“Investors were also cautious while waiting for the outcomes of the BSP’ latest policy meeting,” he said.
Tantiangco said the market also took cues from Wall Street’s overnight decline.
Foreign funds were net seller worth P589.91 million.
Most actively traded Monde Nissin Corp. was down P0.28 to P17.84. Converge ICT Holdings Inc. was down P1.70 to P32.30. Synergy Grid and Development Phil. Inc. was down P0.38 to P15.38. Universal Robina Corp. was down P1.70 to P131.40. AC Energy Corp. was up P0.03 to P12.04. Globe Telecom Inc. was dow P28 to P3,440. SM Investments Corp. was steady at P975. Jollibee Foods Corp. was up P3.40 to P249.20. PLDT Inc. was down P10 to P1,698. International Container Terminal Services Inc. was down P1.90 to P192.90.
