Share prices ended lower Wednesday on continued profit-taking.
The Philippine Stock Exchange index (PSEi) was down 1.49 percent or 94.57 points to 6,255.37.
The all shares index was down 35.34 points to 3,374.57.
Losers edged gainers 139 to 44 with 49 stocks unchanged. Trading turnover reached P5.55 billion.
The peso closed at 56.26 to the dollar, up from 56.37 on Tuesday.
The currency opened at 56.31 and hit a high of 56.23 and a low of 56.43. Trading turnover reached $994 million.
Asia’s emerging market currencies edged up on Wednesday, while cautious investors awaited US inflation data that could determine the pace of further policy tightening in the world’s largest economy, Reuters reported.
Currencies in the region have come under immense stress in recent months, with expectations that the US Federal Reserve will hike rates faster and further than its peers contributing significantly to the safe haven dollar’s unrelenting surge.
A high US inflation print would likely be read by the Fed as a sign that they need to continue with aggressive interest rate rises, which is likely to weigh further on beaten down Asian currencies.
Risk appetite in Asia may continue to be restrained amid global growth concerns and fears of tighter financial conditions, even if there is a moderation in the US CPI (consumer price index), said Christopher Wong, senior forex strategist at Maybank.
Luis Limlingan, managing director at Regina Capital and Development Corp. (RCDC), said investors’ sentiments were dragged down by an overnight drop in Wall Street “as worries over global economic growth dented investor appetite for risk assets and Wall Street braced for June inflation data.”
“Investors appeared to favor traditional safe havens such as t-bills and the dollar,” he said.
Most actively traded Ayala Land Inc. was down P0.85 to P24.40. SM Investments Corp. was down P16 to P797. Semirara Mining and Power Corp. was up P0.50 to P38.50. Emperador Inc. was down P0.38 to P17.42. Monde Nissin Corp. was up P0.42 to P19.94. PLDT Inc. was down P3 to P1,706. BDO Unibank Inc. was down P2.10 to P119.90. Metropolitan Bank and Trust Co. was down P2.05 to P47.65. Ayala Corp. was down P16 to P604.
