THE Philippine Stock Exchange index dropped 25.42 points or by 0.45 percent to 5,626.25.
The broader all shares index was down 15.26 points, also by by 0.45 percent to 3,399.98.
Losers edged gainers 111 to 64 with 48 stocks unchanged. Trading turnover reached P4.79 billion.
The peso closed at 50.26 to the dollar, up from 50.31 on Tuesday.
The currency opened at 50.32, an intraday low, and hit a high of 50.26. Trading turnover reached $390.5 million.
“Philippine stocks declined on Wednesday as investors continued to digest the extension of quarantine measures in the capital region till May 31st ,” said stockbroker SB Equities Inc.
The broker said investors were also digesting the government forecast of a deeper economic contraction.
Luis Limlingan, managing director at Regina Capital Development Corp., said there is also a bit of a cautious tone to markets last night following another overnight session that featured more US-China tensions and a little more caution on what pace of reopening might be achievable.
“China media reported that ‘hawkish voices have emerged within China’ regarding implementation of the phase one trade deal,” Limlingan said.
Most actively traded Ayala Land Inc. was up P0.70 to P32.50. Pure Gold Price Club Inc. was steady at P48. Manila Electric Co. was up P6 to P270. Ayala Corp. was down P13 to P691. SM Investments Corp. down 1.05 to P28.55. Security Bank Corp. was down P8 to P92. Universal Robina Corp. was up P1 to P131. Metro Pacific Investments Corp. was down P0.10 to P2.80.
