Stocks retreated Wednesday, ahead of the release of second-quarter gross domestic product data today and following overnight losses on Wall Street.
The Philippine Stock Exchange index, the 30-company benchmark, shed 37 points, or 0.5 percent, to close at 7,946.19 Wednesday.
The broader all-share index also lost 16 points, or 0.4 percent, to settle at 4,697.11, on a value turnover of P9.5 billion. Gainers outnumbered losers, 97 to 87, while 54 issues were unchanged.
Seven of the 20 most active stocks ended in the green, led by cement manufacturer Cemex Holdings Philippines Inc. which climbed 6.2 percent to P12.4 and port operator International Container Terminal Services Inc. which gained 4.8 percent to P85. GT Capital Holdings Inc., the investment company of tycoon George Ty, rose 2.6 percent to P1,539.
Semirara Mining and Power Corp., a unit of DMCI Holdings Inc., was the biggest loser among the most active stocks, as it fell 4.1 percent to P103.70.
Meanwhile, Tokyo stocks made solid gains Wednesday as the yen halted its rally and energy and banking stocks rose, while elsewhere in the region trade was lackluster after a weak lead from Wall Street.
The benchmark Nikkei 225 index climbed 0.9 percent, snapping a two-day losing streak as a drop in the safe haven currency lifted exporters—making them more competitive overseas.
The dollar picked up against the yen Wednesday after comments from a senior US central banker suggested the Federal Reserve could hike interest rates as early as September.
William Dudley, head of the Fed’s New York branch, said a rate hike was possible next month and that Wall Street investors were too “complacent” about the prospect of higher rates over the next year.
In Asia trade, the greenback rose to 100.70 yen from 100.30 yen in New York, where it briefly touched as low as 99.54 yen, falling under the 100 level for only the second time this year.
“Considering how much the yen has strengthened, Japanese shares are showing resilience,” Chihiro Ohta, a senior strategist with SMBC Nikko Securities, told Bloomberg News.
Petroleum-linked stocks were among the top performers, with explorer Inpex soaring 6.46 percent and refiner JX Holdings jumping 3.37 percent.
Elsewhere investors were cautious, with Sydney ending flat while Seoul and Bangkok were all down.
But some energy stocks in other markets also got a lift after oil prices held overnight gains above $46 on hopes producers would decide to freeze output at a meeting next month.
Sydney-listed Oil Search gained 2.4 percent and GS Holdings Corp in Seoul climbed 1.3 percent.
In Chinese markets, Shanghai was flat and Hong Kong lost 0.3 percent but Shenzhen gained 0.3 percent after news that the government had approved plans to link trading between the Shenzhen and Hong Kong stock exchanges.
China’s powerful State Council said Tuesday that the government had approved plans to link trading between the Shenzhen stock exchange and the Hong Kong market, paving the way for the long-awaited reform. with AFP, Bloomberg