Stocks lower ahead of 1st quarter GNP, central bank policy meeting

May 9, 2018

Stocks closed lower on Wednesday ahead of the release of first quarter growth figures and a meeting by the central bank's policy making body if policy rates will be raised.

The Philippine Stock Exchange finished 22.30 points lower to 7,355.27. In the broader market, there were 113 decliners, 73 gainers and 59 shares unchanged.

Volume reached 1.2 billion shares valued at P4.9 billion from Tuesday's 793.3 million worth P7.23 billion.

Foreigners were net sellers, with P3.2 billion worth of stocks sold and P2.581 billion bought.

Most traded shares included SM Prime, up 1.18 percent to P34.30; International Container Terminal Services Inc., down 2.29 percent to P81 and Metro Pacific Investment, up 3.65 percent to P5.40.

The peso closed at P52.015 against the US dollar from P51.85 on Tuesday. Volume at the Bankers Association of the Philippines reached $733.9 million from $727 million. DMS