Share prices ended lower Tuesday on heightened risk aversion, with the market tracking overseas leads.
The peso closed down.
The Philippine Stock Exchange index (PSEi) was down 110.4 points to 6,577.45, 1.65 percent drop.
The broader all shares index was down 40.81 points to 3,550.40, a 1.14 percent drop.
Losers edged gainers 120 to 63 with 54 stocks unchanged.
Trading turnover reached P20.2 billion.
The peso closed at 52.32 to the dollar, down from 52.27 on Monday.
The currency opened at 52.32 and hitt a high of 52.23 and a low of 52.39. Trading turnover reached $1.02 billion.
“Philippine shares continued to slide as investors returned to the US after being beaten down last week. Wall Street is also looking ahead to new home sales and a speech from Fed Chair Jerome Powell at the National Center for American Indian Enterprise Development summit on Tuesday,” said Luis Limlingan, managing director at Regina Capital and Development Corp.
On Monday, US President Joe Biden’s said he was considering cutting tariffs on Chinese goods. Biden also said he would be willing to use force to defend Taiwan against Chinese aggression.
Meanwhile, China said it will take measures to support its economy, which has been hit hard by COVID-19 outbreaks that have prompted stringent restrictions and disrupted supply chains.
“In dire lockdown-driven economic times, the People’s Bank of China is unlikely to allow a strong yuan amid slowing exports, not to mention Biden’s Taiwan comment is hardly endearing for Asian risk,” said Stephen Innes, Managing Partner at SPI Asset Management.
Most actively traded Converge ICT Solutions Inc. was down P0.50 to P25.80. BDO Unibank Inc. was down P3.30 to P123.50. SM Prime Holdings Inc. was down P0.25 to P37.70.
International Container Terminal Services IP3.80 to P213.80. Ayala Land Inc. was down P0.80 to P27.70. Monde Nissin Corp. was steady at P15.92. Ayala Corp. was down P20 to P660. Globe TelecomInc. was down P20 to P2,530. PLDT Inc. was down P44 to P1,916.
Synergy Grid and Development Philippines Inc. was up P0.24 to P12.64.
