Share prices ended down Monday as investors took lighter positions ahead of the Holy Week observance.
The market will be closed on Maundy Thursday and Good Friday.
The Philippine Stock Exchange index (PSEi) was down 29.73 points to 6,988.29, a 0.42 percent drop.
The broader all shares index was down 11.24 points to 3,728.21, a 0.3 percent drop.
Losers edged gainers 102 to 75 with 55 stocks unchanged. Trading turnover reached P3.36 billion.
The peso closed at 51.42 to the dollar, slightly stronger from 51.43 on Friday.
The currency opened at 51.37, and hit a high of 51.33 and a low of 51.43. Trading turnover reached $885.5 million.
Asian currencies were on the backfoot on Monday while bond yields rose on pressures from broad dollar strength, an aggressive US Federal Reserve and ahead of a spate of central bank meetings this week, Reuters reported.
The peso logged its worst day this month so far.
Luis Limlingan, managing director at Regina Capital and Development Corp. attributed the drop in the stock market to the lack of major catalysts during the shortened trading week.
“Sentiment also didn’t get much of a boost as US equities notched losses for the week but ended mixed on Friday as investors braced for tighter monetary policy from the Fed. Recall, the Federal Reserve changed its tone, signaling it will act even more aggressively to fight inflation,” Limlingan said.
Most actively traded Bank of the Philippine Islands was up P1.50 to P100. SM Investments Corp. was steady at P865. Ayala Land Inc. was down P0.65 to P34.30. Semirara Mining and Power Corp. was down P0.55 to P30.90. SM Prime Holdings Inc. was down P0.05 to P37.
International Container Terminal Services Inc. was down P2 to P223. Manila Electric Co. was down P1.60 to P372.40. Cebu Air Inc. was up P1.25 to P48.70. DMCI Holdings Inc. was up P0.04 to P9.15. Converge ICT Solutions Inc. was up P0.55 to P29.20.
