Share prices fell Tuesday on risk aversion as inflation continues to climb.
The peso closed down.
The Philippine Stock Exchange index was down 33.91 points to 6,618.58, a 0.51 percent drop.
The broader All Shares index was down 10.76 points or 0.31 percent to 3,505.75.
Losers edged gainers 98 to 86 with 54 stocks unchanged. Trading turnover reached P11.5 billion.
The peso closed at 57.221 to the dollar, down from 57.22 on Monday.
The currency opened at 57.27 and hit a high of 57.21 and a low of 57.29. Trading turnover reached $1.17 billion.
Asia’s currencies were subdued as the dollar ticked higher.
Mikhail Philippe Plopenio, analyst at Philstocks Financial Inc., said “investors exercised caution amid the continuous climb of inflation at home, near the upper end of the government’s 2 to 4 percent target range.”
“April’s inflation came in at 3.8 percent, the third consecutive climb since February.
Investors also traded cautiously while waiting for the Philippines’ Q1 GDP data set to be released later this week,” Plopenio said.
Most actively traded International Container Terminal Services Inc. was up P3.0 to P350.20. Universal Robina Corp. was up P3.20 to P110. SM Prime Holdings Inc. was down P1.35 to P26. BDO Unibank Inc. was steady at P148.30. SM Investments Corp. was up P3 to P947.50. Ayala Land Inc. was down P0.30 to P26.50. Ayala Corp. was down P11 to P585. Bank of the Philippine Islands was down P2 to P125. Metropolitan Bank and Trust Co. was down P1.50 to P70. Jollibee Foods Corp. was up P4 to P223.
