Stock prices closed lower on Wednesday amid a weaker peso and falling gold prices, with investors reeling from the absence of fresh catalysts.
The benchmark Philippine Stock Exchange Index (PSEI) fell 1.03% or 62.66 points to 6,030.87, while the broader all-share index fell 0.83% or 30.47 points to 3,627.38.
AP Securities, Inc. The equity declined after four consecutive days of unsuccessful attempts to break the 6,100 level, it said in a market note.
Louis A., head of sales for Regina Capital Development Corp. “The market struggled to find new catalysts (while) the peso weakened. Additionally, the decline in gold spot prices also contributed to the negative sentiment in the market,” Limlingan said via Viber.
The peso closed at P58.41 against the dollar on Wednesday, weaker than Tuesday's P58.225, the Bankers Association of the Philippines said.
US stocks were mixed in Tuesday trading, as solid earnings attracted investors to industrials and capital goods sectors, while the Dow also rose, Reuters reported.
“The S&P 500 finished flat, showing little volatility heading into the close, while declines in growth and semiconductor stocks dragged the Nasdaq down slightly,” Mr. Limlingen said.
Most regional indices closed with losses on Wednesday. Mining & Oil were down 5.91% or 834.12 points at 13,278.49; The Financials fell 1.62% or 33.2 points to 2,010.92; Services fell 1.42% or 33.05 points to 2,291.24; The asset was down 1.14% or 25.68 points at 2,228.64; And Industrials fell 0.95% or 85.22 points to 8,879.32.
Meanwhile, holding firms rose 0.06% or 3.16 points to 4,877.17.
The number of decliners outnumbered advances by 150 to 57, while 48 issues remained unchanged.
Trading on volume of 12.06 billion shares was valued at P10.81 billion on Wednesday. Tuesday's value and volume stood at P5.24 billion and 1.31 billion shares.
Net foreign sales stood at P104.43 million, while net purchases on Tuesday stood at P231.58 million. , Alexandria Grace C. Magno
