Stocks declined Thursday on lack of stimulus, taking their cue on most Asian markets following the previous day’s gains.
The Philippine Stock Exchange Index lost 52.98 points, or 0.8 percent, to 6,994.10 on a value turnover of P6.4 billion. Losers beat gainers, 94 to 61, with 52 issues unchanged.
Universal Robina Corp., the biggest snack food maker, tumbled 3.1 percent to P187.10, while International Container Terminal Services Inc., the largest port operator, dropped 2.3 percent to P73.25.
BDO Unibank Inc., the biggest lender in terms of assets, fell 1.1 percent to P102, while Aboitiz Power Corp. decreased 1.7 percent to P40.60.
The euro, meanwhile, tumbled against the dollar Thursday as dealers bet on fresh stimulus from the European Central Bank later in the day, while most Asian stock markets fell following the previous day’s gains.
Hong Kong’s Hang Seng Index shed 0.3 percent, Sydney gave up 0.6 percent and Seoul was 0.8 percent lower.
However, Shanghai stocks jumped 1.4 percent, a fourth-straight gain after diving Friday 5.5 percent on news that some of China’s top brokerages were being probed in the wake of a summer market rout. The index has now recovered almost all of last week’s losses.
Tokyo recovered slightly from morning selling to end flat.
Asian energy firms tracked losses in their US counterparts as a supply glut and strong dollar weigh on oil prices ahead of a key meeting of the Opec oil cartel. With AFP