Share prices ended lower Thursday tracking overseas leads.
The peso eked out marginal gains.
The Philippine Stock Exchange index (PSEi) was down 61.64 points to 6,510.87, a 0.94 percent drop.
The broader All Shares index was down 25.45 points or 0.73 percent to 3,451.21.
Losers edged gainers 112 to 66 with 51 stocks unchanged. Trading turnover reached P5.27 billion.
The peso closed at 55.84 to the dollar, up from 55.93 on Wednesday.
The currency opened at 55.87 and hit a high of 55.765 and a low of 55.90. Trading turnover reached $1.43 billion.
Most Asian currencies were muted on Thursday as investors digested a dim economic outlook from the region’s largest economy coupled with paring back of bets on early rate cuts in the United States.
The MSCI emerging markets currencies index hovered near a one-month low, as of 0650 GMT.
The dollar index, which measures the greenback against six major rivals, was perched at 103.2.
Investors maintained a cautious stance following weak economic data from China, Asia’s largest trading partner, showing the persistent pressure of a protracted property crisis and subdued demand.
Stronger US retail sales data showed that the Federal Reserve may not quickly move to slash interest rates, with the CME FedWatch tool now showing a rough 60 percent chance of a rate cut in March, down from about 70 percent previously.
Mikhail Philippe Plopenio, analyst at Philstocks Financial Inc., said investors “seemed to have weighed negative factors offshore” in selling the market.
“Firstly, it tracked losses from Wall Street overnight amid rising US long term treasury yields. The stronger-than-expected US retail sales data, which rose 0.6 percent, tempered near-term rate cut hopes by the Federal Reserve. Additionally, worries over China’s economy dampened sentiment a day after it reported a dismal GDP growth,” he said.
“Lastly, the tension in the Red Sea is also being monitored by many as disruptions could arise if the situation in the said area escalates,” he added.
Most actively traded BDO Unibank Inc. was down P3.40 to P135.80. Ayala Land Inc. was down P0.75 to P31.55. Bank of the Philippine Islands was up P0.80 to P109.80. Universal Robina Corp. was down P3.40 to P113.50. Jollibee Foods Corp. was down P0.60 to P261. SM Investments Corp. was down P2 to P873. International Container Terminal Services Inc. was down P0.20 to P247.80. Ayala Corp. was down P7 to P676. SM Prime Holdings Inc. was down P0.70 to P32.65. Metropolitan Bank and Trust Co. was down P0.25 to P55.25.
