MANILA — Philippine shares neared the 6,500 level on Wednesday as investors reeled from a weaker peso, with banks and property firms hit the hardest.
The benchmark Philippine Stock Exchange Index (PSEi) shed 0.4 percent, or 26.44 points, to close at 6,607.22. The broader All Shares Index likewise slipped by 0.33 percent, or 11.82 points, to 3,523.95.
Overall, 1.34 billion shares worth P5.35 billion changed hands, stock exchange data showed.
Philstocks Financial Inc. research analyst Claire Alviar explained that this was still due to the Philippine peso hitting the 58-per-dollar mark on Monday for the first time in two years.
READ: Supercharged dollar sinks peso below 58
“The peso’s weakening could have many negative impacts on our economy, one of which is the upward pressure it may exert on inflation if this trend persists,” she said.
Apart from this, investors also stayed on the sidelines as they waited for new earnings reports by US-based companies, according to Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.
Losers edge out gainers
Property companies lost the most as the subsector dropped by 1.39 percent, followed by banks, which slipped by 1.16 percent.
International Container Terminal Services Inc., led by ports tycoon Enrique Razon Jr., was the top-traded stock as it gained 2.02 percent to P354 per share.
It was followed by BDO Unibank Inc., down 1.45 percent to P136; SM Prime Holdings Inc., down 2.76 percent to P28.20; Metropolitan Bank and Trust Co., down 3.15 percent to P67.55; and Aboitiz Equity Ventures, down 0.26 percent to P37.80.
Ayala Land Inc. also went down by 0.52 percent to P28.85; Jollibee Foods Corp., down 0.26 percent to P229.40; SM Investments Corp., up 0.58 percent to P867; AREIT Inc., up 1.67 percent to P33.55, and Bank of the Philippine Islands, down 0.24 percent to P124.90.
Losers edged out advancers, 111 to 82, while 50 companies closed unchanged.