Share prices ended lower Tuesday, tracking overseas leads.
The Philippine Stock Exchange index (PSEi) was down 15.04 points to 5,894.28, a 0.26 percent drop.
The broader all shares index was down 4.84 points to 3,543.93, a 0.14 percent drop.
Losers edged gainers 105 to 86 with 46 stocks unchanged. Trading turnover reached P4.62 billion.
The peso closed at 48.46 to the dollar, down from 48.365 on Monday.
The currency opened at 48.46 and hit a high of 48.415 and a low of 48.49. Trading turnover reached $548.8 million.
Stockbroker SB Equities Inc. said the market traded in the red for the duration of the session, “tracking weak US and regional markets on concerns over fresh coronavirus lockdowns in Europe and delays in economic stimulus stateside, amid a continued lack of positive domestic catalysts.”
“With thin corporate news flow and foreign net-selling extending to eight sessions as second liners continued to be in focus, the PSEi traded in the red all session, losing as much as 1.22 percent intraday before finishing to slip 15.04 points,” it said.
Most actively traded Now Corp. was down P0.30 to P3.28. Dito CME Holdings Corp. was down P0.13 to P3.99. Ayala Land Inc. was down P0.50 to P30. PLDT Inc. was up P7 to P1,382. Jollibee Foods Corp. was up P0.60 to P132.50. Universal Robina Corp. was down P1 to P133. BDO Unibank Inc. was down P1.80 to P88.30. SM Prime Holdings Inc. was up P0.05 to P29.05. MerryMart Consumer Corp. was up P0.07 to P3. SM Investments Corp. was up P7.50 to P887.
Reuters reported sentiment on stock markets globally “worsened on Monday as the imposition of curbs in a number of European countries, along with a possible delay in fresh US fiscal stimulus, weakened the prospects for recovery,” quoting Margaret Yang, a strategist at retail trading platform IG.
Banking stocks weighed on Singapore’s FTSE Straits Times Index (STI) after DBS Group Holdings was among the banks named in reports on Sunday that a number of major global lenders had moved more than $2 trillion in suspect funds over the past two decades.
Demand for safe-haven assets boosted the dollar, causing most Asian currencies to falter, with the Thai baht, Indonesian rupiah and the Malaysian ringgit dropping by 0.3 percent to 0.4 percent.
The Taiwan dollar was among outliers as it rallied 0.6 percent.