Share prices ended lower yesterday as investors took to overseas leads to trade the market.
The Philippine Stock Exchange index (PSEi) was down 64.87 points or by 0.81 percent to 7,947.47.
The broader all shares index dropped 24.73 points or by 0.52 percent to 4,763.89.
Losers edged gainers 105 to 73 with 59 stocks unchanged. Trading turnover reached P4.63 billion.
The peso closed at 50.82 to the dollar, down from 50.73 on Tuesday.
The currency opened at 50.86, hit a high of 50.815 and a low of 50.93. Trading turnover reached $1.46 billion.
Broker SB Equities Inc. said the market “slumped with the region on Wednesday on sustained light volume as investors stayed cautious on a partial US-Sino trade deal, amid continued unrest in Hong Kong and a slew of further local corporate earnings releases.”
“With foreign outflow extending to six straight sessions, the PCOM (PSEi) opened below the 8,000 mark and proceeded to trade under the threshold all session,” it said.
Luis Limlingan, managing director at Regina Capital Development Corp., also noted US President Donald Trump “made fresh comments on trade deal hinting that existing tariffs will be raised if no deal is made.”
Most actively traded Ayala Corp. was down P16 to P824. Ayala Land Inc. was up P0.45 to P46.95. Jollibee Foods Corp. was down P6.80 to P213.20. SM Prime Holdings Inc. was down P0.75 to P39.15. BDO Unibank Inc. was was down P1.10 to P155.30. Alliance Global Group Inc. was down P0.02 to P11.62. Security Bank Corp. was down P0.20 to P195.30. LT Group Inc. was steady at P12.42. DMCI Holdings Inc. was down P0.16 to P7.90. Bank of the Philippine Islands was down P1.50 to P95.