Share prices closed lower Thursday on risk aversion as trade remains muted on lack of strong news.
Trading of the peso was still closed yesterday.
The Philippine Stock Exchange index was down 83.87 points to 7,283.79, a 1.14 percent drop. a
The broader All Shares index was down 43.37 points or 1.07 percent to 4,007.39.
Losers edged gainers 139 to 53 with 53 stocks unchanged. Trading turnover reached P3.8 billion.
On Tuesday, the peso closed at 57.88 down from 57.59 on Monday.
The US dollar index, which measures the greenback against six rivals, stood at 104.33 as of 0320 GMT, not far from the overnight high of 104.57, a level last seen on July 30.
A gauge for currencies has dipped 1.7 percent in October so far and is on track for its worst month since Feb. 2023.
Strong macroeconomic indicators and hawkish comments from Federal Reserve officials, combined with election prediction markets putting strong odds on Republican candidate Donald Trump winning the Nov. 5 election, have dampened expectations for monetary easing. Polls, however, show a tightly contested presidential race.
The dampened expectations on rate cuts have boosted the dollar and diminished the appeal of riskier Asian currencies.
Philstocks Financial Inc. said investors continue to exit amid the lack of positive catalyst.
BDO Unibank Inc. was down P0.50 to P162.80. Bank of the Philippine Islands was down P4.80 to P139. Ayala Land Inc. was down P0.35 to P35. Ayala Corp. was down P0.50 to P719.50. International Container Terminal Services Inc. was up P2 to P409. PLDT Inc. was down P35 to P77. Metropolitan Bank and Trust Co. was down P1 to P77. Jollibee Foods Corp. was down P8.20 to P267. Semirara Mining and Power Corp. was down P0.50 to P33.75. SM Prime Holdings Inc. was down P0.45 to P30.95.
