Share prices ended down Tuesday as risk aversion remained high.
The Philippine Stock Exchange index was down 92.93 points to 6,895.36, a 1.33 percent drop.
The broader all shares index was down 42.37 points to 3,685.84, a 1.14 percent drop.
Losers edged gainers 113 to 60 with 50 stocks unchanged. Trading turnover reached P5 billion.
The peso closed at 52.10 to the dollar, down from 52.05 on Monday.
The currency opened at 52.15, and hit a high of 52.06 and a low of 52.29. Trading turnover reached $1.42 billion.
Asian currencies slipped against the dollar on Tuesday as the greenback index climbed above 100, buoyed by rising Treasury yields ahead of US inflation data which is likely to reinforce expectations of aggressive Federal Reserve rate hikes, Reuters reported.
Analysts at TD Securities expect Asian currencies to remain under short-term pressure amid broad dollar strength and portfolio outflows, with sharp increase in oil prices negatively impacting the Indian rupee and Thai baht in particular.
Investors now await a spate of central bank meetings this week – Bank of Korea, Reserve Bank of New Zealand, the European Central Bank, and the Monetary Authority of Singapore.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said investors took cues from Wall Street’s overnight decline.
“Investors took a cautious stance while waiting for the US’ March inflation data which could give clues over the Federal Reserve’s next policy steps,” he said.Most actively traded Bank of the Philippine Islands was down P2 to P98. Ayala Land Inc. was down P0.30 to P34. International Container Terminal Services Inc. was down P4.40 to P218.60. SM Prime Holdings Inc. was down P1 to P36. Manila Electric Co. was down P9.20 to P363.20. BDO Unibank Inc. was down P1.10 to P129. SM Investments Corp. was steady at P865. Ayala Corp. was down P9 to P865. Converge ICT Solutions Inc. was down P0.20 to P29. to P29. PLDT Inc. was down P28 to P1,800.
