Share prices ended lower Thursday on profit-taking.
The peso closed up.
The Philippine Stock Exchange index was down 58.62 points, a 0.94 percent drop to 6,183.07.
The broader All Shares index was down 21.26 points or 0.63 percent to 3,346.99.
Losers edged gainers 96 to 62 with 50 stocks unchanged. Trading turnover reached P3.85 billion.
The peso closed at 56.79 to the dollar, up from 56.94 on Wednesday.
The currency opened at 56.85 and hit a high of 56.77 and a low of 56.97. Trading turnover reached $1.44 billion.
Most Asian currencies fell on Thursday after data underscored the resilience of the US economy and reinforced the view that interest rates could remain high for longer.
The Institute for Supply Management (ISM) said its non-manufacturing PMI rose in August, with new orders firming and businesses paying higher prices for inputs.
“US growth outperformance continues to be the theme driving US dollar higher and that was reaffirmed by strong ISM services print last night,” analysts at Saxo Markets wrote in a note to clients.
As of 0325 GMT, the dollar index, which measures the strength of the greenback against six major rivals, was steady near a six-month peak at 104.85.
Mikhail Philippe Pleponio, analyst at Philstocks Financial Inc., said the market dropped “as investors took profits after a four-day rally.”
“The local bourse joined many of its neighboring peers in a decline caused by the rise in the US’ Treasury yields and concerns over China’s economy following its dismal August foreign trade data with imports and exports dropping 7.3 percent and 8.8 percent y/y respectively,” he said.
“Finally, the market remains without a positive catalyst,” Pleponio added.
Most actively traded BDO Unibank Inc. was down P3.50 to P134.20. Jollibee Foods Corp. was down P2.80 to P234.20. Bloomberry Resorts Corp. was up P0.02 to P11.38. Bank of the Philippine Islands was steady at P105. Ayala Land Inc. was down P1 to P27.35. GT Capital Holdings Inc. was up P5 to P580. SM Prime Holdings Inc. was up P0.05 to P29.85. SM Investments Corp. was down P32 to P824. Ayala Corp. was down P2 to P618. ACEN Corp. was down P0.06 to P4.99.
