Share prices fell Wednesday on continued risk aversion. The peso closed lower.
The Philippine Stock Exchange index (PSEi) was down 82.11 points to 6,642.71, a 1.22 percent drop.
The broader All Shares index was down 27.25 points or 0.72 percent drop to 3,758.55.
Losers edged gainers 112 to 80 with 55 stocks unchanged. Trading turnover reached P5.23 billion.
The peso closed at 58.28 to the dollar, down from 58.01 on Tuesday. The currency opened at 58.15 and hit a high of 58.13 and a low of 58.15. Trading amounted to $1.81 billion.
Currencies declined on Wednesday, as investors awaited US inflation data for insights on the Federal Reserve’s rate cut and policy cues from China’s annual economic meeting.
Attention is on the US inflation report, due overnight, which will offer insights into the Federal Reserve’s rate-cut path ahead of its policy meeting later this month.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market slid on a volatile session, “as concerns over inflation and prolonged high interest rates kept sentiment cautious.”
Investors are evaluating the possibility of a year-end rally as eyes are fixed on the November US inflation.
“The data could influence the Fed’s December 17 to 18 policy decisions,” he said.
Most actively traded BDO Unibank Inc. was up P1 to P153. Bank of the Philippine Islands was up P0.10 to P130. Ayala Land Inc. was down P0.95 to P27.20. International Container Terminal Services Inc. was down P16.80. DigiPlus Interactive Corp. was up P0.95 to P24.20. Universal Robina Corp. was up P0.15 to P77.65. SM Prime Holdings Inc. was down P0.20 to P26.55. AREIT Inc. was up P0.05 to P38. PLDT Inc. was down P20 to P1,300. Jollibee Foods Corp. was down P1.40 to P268.80.
