Share prices ended lower Tuesday on profit- taking as the market tracked overseas leads.
The Philippine Stock Exchange index (PSEi) was down 21.95 points to 7,230.15, a 0.3 percent drop.
The broader all shares index was down 2.7 points to 4,453.82, a 0.06 percent drop.
Losers edged gainers 104 to 94 with 47 stocks unchanged. Trading turnover reached P7.75 billion.
The peso closed at 50.72 to the dollar, up from 50.761 on Monday.
The currency opened at 50.725, and hita high of 50.71 and a low of 50.825. Trading turnover reached $824.84 million.
Claire Alviar, analyst at Philstocks Financial Inc., said the market tracked Asean peers in its drop while also getting dragged by net foreign selling in PSEi heavyweights Globe Telecom Inc. and SM Investments Corp.
“As of closing, Globe and SM Investments have a weight of 4.19 percent and 12.38 percent of the PSEi’s total market cap,” Alviar said.
“In Asia, most indices are in the red led by the big losses of Chinese tech stocks,” she added.
Emerging Asian stocks slipped on fresh China jitters. Modern Land became the latest Chinese property developer to default on a bond payment, hurting Chinese property stocks and rekindling worries that China Evergrande Group’s debt problems could pose a contagion risk.
The Philippine National Bank’s research department meanwhile said it expects the PSEi to close the year between 7,490 and 8,100 on expectation that the relatively low yield environment will allow earnings multiples to remain elevated.
“This suggests a potential upside of up to 11.1 percent from Friday’s close of 7,289.61,” it said.
“GDP growth starting the second quarter of 2022 will encourage positive sentiment and investors are looking forward to less strict pandemic curbs overall,” said Alvin Arogo, PNB head of research.
Most actively traded AC Energy Corp. was up P0.12 to P12.10. SM Prime Holdings Inc. was up P0.20 to P35.20. International Container Terminal Services Inc. was down P6 to P183.
Bank of the Philippine Islands was up P2 to P87. Converge Information and Communication Technology Solutions Inc. was up P1 to P32.95. SM Investments was down P38 to P990.
Jollibee Foods Corp. was up P9 to P244.20. PLDT Inc. was up P20 to P1,670. Ayala Corp. was up P9 to P879. BDO Unibank Inc. was down P0.30 to P129.70.
