Share prices closed lower yesterday on profit-taking while the peso dropped with no new leads to trade the market.
The Philippine Stock Exchange index was down 13.14 points to 6,398.77, a 0.2 percent drop.
The broader All Shares index was down 7.19 points or 0.21 percent to 3,479.47.
Losers edged gainers 103 to 83 with 53 stocks unchanged. Trading turnover reached P3.3 billion.
The peso closed at 58.65 to the dollar, down from 58.61 on Friday. The currency opened at 58.55 and hit a high of 58.47 and a low of 58.695. Trading turnover reached $920.83 million.
Investors look forward to inflation prints from Thailand, the Philippines, Taiwan, and South Korea this week, which will help highlight the current pressures faced by Asian economies.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the market’s drop can be considered a “healthy” correction after five straight days of moving up.
Most actively traded SM Prime Holdings Inc. was down P0.30 to P28. SM Investments Corp. was up P1.50 to P832. International Container Terminal Services Inc. was down P0.80 to P349. Aboitiz Equity Ventures Inc. was down P1.05 to P37.75. GT Capital Holdings Inc. was down P42 to P578. BDO Unibank Inc. was up P1.80 to P130. Metropolitan Bank and Trust Co. was down P1.30 to P66.25. Ayala Land Inc. was up P0.40 to P28.90. Bloomberry Resorts Corp. was down P0.01 to P9.50. Bank of the Philippine Islands was steady at P119.10.
