Share prices edged lower Monday on profit taking.
The peso closed up.
The Philippine Stock Exchange index was down 7.14 points, a 0.11 percent drop to 6,595.03.
The broader all shares index was down 2.65 points or 0.08 percent to 3,514.07. Losers edged gainers 87 to 82 with 44 stocks unchanged. Trading turnover reached P3.42 billion.
The peso closed at 54.29 to the dollar, up from 54.35 on Friday.
The currency opened at 54.33, and hit a high of 54.30 and a low of 54.55. Trading turnover reached $1.08 billion.
Asian currencies fell on Monday after Germany’s Deutsche Bank reignited fears of stress in the global banking sector, while the Chinese yuan edged lower after industrial profits dipped on lingering pandemic slumps.
Markets globally were roiled as Deutsche Bank’s credit default swaps, a form of insurance for bondholders, shot up to more than four-year highs, highlighting concerns among investors over the health of European banks.
Luis Limlingan, managing director at Regina Capital and Development Corp., said despite the drop, the local market “began the week quietly.”
Investors are bracing for the quarter end window dressing this Friday, he said.
“For the week ahead, the Philippines’ budget balance as well as bank lending data are due out…,” Limlingan said.
Most actively traded International Container Terminal Services Inc. was down P3.20 to P210. SM Prime Holdings Inc. was down P0.05 to P33.95. Bank of the Philippine Islands was up P0.50 to P102. PLDT Inc. was down P19 to P1,331. SM Investments Corp. was up P13 to P918. Globe Telecom Inc. was down P29 to P1,821. BDO Unibank Inc. was down P0.50 to P126.50. ACEN Corp. was up P0.05 to P6.47. Ayala Corp. was down P1 to P665. Universal Robina Corp. was down P0.20 to P146.60.
