Share prices ended lower Thursday as consolidation hit the market after recent huge market run-ups.
The Philippine Stock Exchange index (PSEi) was down 3.74 points to 6,898.8, a 0.05 percent drop.
The broader all shares index was up 5.01to 4,165.22, a 0.12 percent hike.
Gainers edged losers 118 to 97 with 47 stocks unchanged. Trading turnover reached P6.9 billion.
The peso closed at 47.765 to the dollar, down from 47.731 on Wednesday.
The currency opened at 47.72 and hit a high of 37.68 and a low of 47.777. Trading turnover reached $680.2 million.
Asia’s emerging market currencies edged up on Thursday as investors awaited a key US inflation report later that could provide a clearer signal on when the Federal Reserve may begin discussing tapering its monetary stimulus, Reuters reported.
Chris Mangun, head of research at AAA Southeast Equities Inc., said the market “stalled and ended slightly lower as it is coming up against its major resistance levels.”
“Investors started taking profits, which was expected, as we approached the end of the week,” he said.
Mangun said the sentiment “continues to turn more optimistic as new COVID-19 cases begin to decline again after we saw higher cases in the last two weeks.”
“The continuous progress in the rollout of vaccines also added to the optimism. There is stronger conviction now that the economy is on a better path to recovery than six months ago as we are seeing gains in almost all industries. Investors are beginning to feel that we are in the home stretch of the crisis and are more comfortable holding riskier assets like equities,” he said.
The PSEi may continue lower due to more profit-taking, however, it may still end the week with some gains.
Most actively traded Ayala Land Inc. was down P0.60 to P37.70. SM Prime Holdings Inc. was down P0.15 to P37.45. Metropolitan Bank and Trust Co. was steady at P49.10. AC Energy Corp. was down P0.11 to P7.80. Monde Nissin Corp. was up P0.22 to P13.92. Ever-Gotesco Resources and Holdings Inc. was up P0.55 to P0.42. SM Investments Corp. was up P9 to P1,009. Century Pacific Food Inc. was down P0.30 to P23.15. Megaworld Corp. was down P0.03 to P3.17. BDO Unibank Inc. was down P1.30 to P109.