Share prices fell Thursday on risk aversion.
The peso closed lower.
The Philippine Stock Exchange index was down 63.42 points to 6,677.65, a 0.94 percent drop.
The broader All Shares index was down 33.72 points or 0.95 percent to 3,525.87.
Losers edged gainers 134 to 57 with 50 stocks unchanged.
The peso closed at 56.50 to the dollar, down from 56.491 on Wednesday.
The currency opened at 56.53 and hit a high of 56.42 and a low of 56.58. Trading turnover reached $1.31 billion.
Investors exited risk-prone emerging Asian assets on Thursday, after a hotter-than-expected US inflation reading overnight poured cold water on expectations of a June interest rate cut from the Federal Reserve.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the hot US March inflation reading “fueled worries the Fed may implement fewer rate cuts than expected.”
“Back home, investors locked in their gains after BSP (Bangko Sentral ng Pilipinas) policy-meeting announcemen,” he said.
The Monetary Board last Monday retained the central bank’s key rates for the fourth consecutive time. Target Reverse Repurchase (RRP) Rate remains at 6.5 percent while the interest rates on the overnight deposit and lending facilities also remain at 6 percent and 7 percent, respectively.
Most actively traded Ayala Land Inc. was down P1.55 to P28.20. Metropolitan Bank and Trust Co. was up P1.50 to P69.50.
BDO Unibank Inc. was down P0.50 to P151.30. SM Investments Corp. was up P1 to P971. SM Prime Holdings Inc. was down P1.20 to P30.40. Bank of the Philippine Islands was up P3 to P117.50. Alliance Global Group Inc. was down P0.16 to P9.90. DigiPlus Interactive Corp. was down P0.80 to P12.24. Ayala Corp. was down P7.50 to P606.50.
