Share prices down 1.6 pct, peso weaker

ABS-CBN News

Posted at May 10 2017 04:46 PM

MANILA - Philippine share prices closed lower even as markets in Asia rose.

The Philippine Stock Exchange index fell 129 points or 1.6 percent to 7,794. 

This was the second day of losses after the market surged for three days.

Meanwhile the peso opened weaker at 50.10 against the dollar before recovering in later trade and closing at 49.95.

Asian stocks meanwhile edged higher for a third consecutive day on Wednesday as investors focused on strong corporate earnings and the dollar gave back some of its recent gains.

U.S. President Donald Trump's abrupt dismissal of FBI Director James Comey prompted some unwinding of risky bets in early Asian trading but strategists said investors were cheered by a strong slate of corporate earnings, reflecting the cyclical rebound in the first quarter of 2017 was still in place.

European stocks are set to follow Asia's example, with major indices set for a broadly flat start according to index futures.

-- with a report from Reuters