Share prices ended lower Tuesday as investors opted to take profit.
The Philippine Stock Exchange index was down 38.84 points to 6,244.74, a 0.62 percent drop.
The broader all shares index was down 14.02 points to 3,847.39, a 0.36 percent drop.
Losers edged gainers 139 to 70 with 50 stocks unchanged. Trading turnover reached P6.19 billion.
The peso closed at 47.805, up from 47.855 on Monday.
The currency opened at 47.88 and hit a high of 47.805 and a low of 47.90. Trading turnover reached $925.2 million.
Japhet Tantiangco, analyst at Philstocks Financial Corp., said investors booked gains “out of its preceding two-day climb.”
“After two straight trading days of staging a last minute comeback, the local market finally gave in completely to selling pressures as COVID-19 (new coronavirus disease 2019) worries weighed on investor sentiment. This comes on the back of the entry of the coronavirus variant from India in the Philippines,” Tantiangco said.
“Foreigners remained net sellers with net outflows amounting to P549.72 million,” he added.
Luis Limlingan, managing director at Regina Capital and Development Corp., said “inflation concerns and dwindled tech stocks continued to weigh on global equity markets.”
Most actively traded Dito CME Holdings Corp. was down P0.46 to P7.64. Ayala Land Inc. was down P0.95 to P32. BDO Unibank Inc. was down P3.40 to P102.50. AC Energy Corp. was down P0.25 to P6.86. PLDT Inc. was up P17 to P1,287. SM Investments Corp. was down P3 to P927. Metropolitan Bank and Trust Co. was up P0.45 to P45.95. Converge Information and Communication Technology Solutions Inc. was up P0.52 to P19.30.
International Container Terminal Services Inc. was up P1.90 to P139.90. Ayala Corp. was down P10 to P710.
