Share prices ended lower Tuesday on risk aversion.
The Philippine Stock Exchange index (PSEi) was down 40.81 points to 6,980.02, a 0.58 percent drop.
The broader all shares index was down 10.41 points to 3,721.39, a 0.28 percent drop.
Gainers edged losers 94 to 91 with 48 stocks unchanged. Trading turnover reached P4.11 billion.
The peso closed at 52.25 to the dollar, up from 52.41 on Monday.
The currency opened at 52.35 and hit a high of 52.13 and a low of 52.37. Trading turnover reached $1.5 billion.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said investor sentiment was dampened by inflation fears amid the newly implemented increase in fuel prices, and concerns over China’s COVID-19 stricken economy and its knock-on effects on the local economy.
“Adding to the worries is the growing warnings over a possible rise in COVID-19 cases in the country in the succeeding months. According to the OCTA Research team, the Philippines may experience a rise in infections by May or June,” he said.
Most actively traded International Container Terminal Services Inc. was down P3.20 to P223. Converge ICT Solutions Inc. was down P0.20 to P29.40. Semirara Mining and Power Corp. was down P0.60 to P28.30. SM Investments Corp. was down P25 to P860. Ayala Land Inc. was up P0.45 to P35.20. BDO Unibank Inc. was down P2 to P131. Bank of the Philippine Islands was down P0.50 to P97.70. PLDT Inc. was up P4 to P1,914. Ayala Land Inc. was down P21 to P758. Jollibee Foods Corp. was up P2.60 to P220.20.
