Investors lock in profits

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Share prices ended lower Wednesday on profit taking.

The Philippine Stock Exchange index was down 65.99 points to 7,375.68, a 0.89 percent drop.

The broader all shares index was down 567.33 points to 3,964.53, a 12.52 percent drop.

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Losers edge gainers 116 to 77 with 55 stocks unchanged. Trading turnover reached P11.16 billion.

The peso closed at 50.069 to the dollar, up from Tuesday’s 50.091.

The currency opened at 50.15 and hit a high of 50.005 and a low of 50.15. Trading turnover reached $1.02 billion.

“The peso exchange rate is slightly stronger today versus the US dollar as the markets anticipate the seasonal increase in OFW remittances and conversion to pesos that will culminate next month, all in preparation for Christmas/holiday-related spending,” said Michael Ricafort, chief economist at Rizal Commercial Banking Corp.

Luis Limlingan, managing director at Regina Capital and Development Corp., said investors locked in gains “ahead of the release MSCI results later.”

“Meanwhile US stocks snapped their 8-day winning streak on Tuesday as investors took some profits after an October rally and awaited key inflation data ahead,” he said.

Most actively traded Synergy Grid and Development Philippines Inc. marked its return to active trading by going up P0.60 to P12.60, from its follow-on offering price of P12. It was however a P383.20 drop from the company’s last trading price of P395.78 in May. Synergy Grid shares have been suspended from trading since May after its public float dropped below the mandatory 10 percent.

Monde Nissin Corp. was steady at P16.88. Manila Water Co. Inc. was up P1.15 to P25.05.

AC Energy Corp. was down P0.02 to P12.14. Globe Telecom inc. was up P78 to P3,500.

International Container Terminal Services Inc. was down P2.40 to P193.60. PLDT Inc. was up P30 to P1,670. D&L Industry Inc. was up P0.10 to P8.59. SM Prime Holdings Inc. was down P0.30 to P35.70. Converge Information and Communication Technology Solutions Inc. was down P1 to P33.90.

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