Share prices ended lower Tuesday as investors took profit.
The Philippine Stock Exchange index (PSEi) was down 40.47 points to 7,342.37, a 0.55 percent drop.
The broader all shares index was down 13.15 points to 3,951.53, a 0.33 percent drop.
Losers edged gainers 124 to 71 with 42 stocks unchanged. Trading turnover reached P7.96 billion.
The peso closed at 50.19 to the dollar, down from 49.85 on Friday.
The currency opened at 49.81 and hit a high of 49.77 and a low of 50.19. Trading turnover reached $1.16 billion.
Stockbroker SB Equities Inc. said the market dipped Monday “as investors weighed further corporate earnings while waiting for the central bank’s monetary policy decision later in the week and the finalization of government election candidates ahead of the Monday deadline.”
“Amid a second day of foreign outflow, the PSEi traded modestly in the red all session, retreating as much as 0.67 percent intraday,” it noted.
Market observers are also noting that some investors are taking profit after positioning ahead of companies that have already released their results, employing the strategy of “selling on news.”
Most actively traded Synergy Grid and Development Phil. Inc. was up P1.44 to P15.94. Monde Nissin Corp. was up P0.42 to P17.38. AC Energy Corp. was up P0.02 to P12. AllDay Marts Inc. was down P0.02 to P0.80. Converge ICT Solutions Inc. was up P0.45 to P35.95.
Ayala Corp. was up P1 to P881. Universal Robina Corp. was down P1.10 to P132.30. Globe Telecom Inc. was down P50 to P3,380. PLDT Inc. was up P1 to P1,700. International Container Terminal Services Inc. was down P2 to P190. – Ruelle Castro
