Share prices closed lower Tuesday as investors turned cautious due to renewed concerns about global trade wars.
The benchmark Philippine Stock Exchange index plunged 65.57 points, or 1 percent, to finish at 6,459.47, while the broader all-shares index declined 25.09 points, or 0.65 percent, to 3,807.27.
“The market pulled back as investors took profits amid lack of fresh leads,” said Japhet Tantiangco, research head at Philstocks Financial Inc. “With no new positive catalysts, global trade concerns amid the U.S.’ planned tariff got the best of market sentiment.”
Tantiangco added that the weakening of the peso against the dollar also negatively affected the market. The peso plunged to 56.73 to the U.S. dollar on Wednesday from 56.63 on Tuesday.
All sectors ended in negative territory, with holding firms declining the most, down 1.88 percent. Property also dropped 1.71 percent, and mining and oil fell 0.97 percent .
Trading was lackluster, with value turnover reaching P5.2 billion, below the year-to-date average of P5.8 billion. Foreign investors were net sellers, with outflows totaling P332.26 million.
Century Pacific Food Inc. was the top index performer, climbing 3 percent to P37.95. SM Prime Holdings Inc. was the main laggard, declining 3.37 percent to P24.20.
