Share prices ended mixed Tuesday as investors weighed the encouraging news about the economy growing in the second quarter of the year with that of the rising coronavirus disease 2019 (COVID-19) cases anew.
The Philippine Stock Exchange index (PSEi) was down 9.34 points to 6,623.23, a 0.14 percent drop.
The broader all shares index was up 2.11 points to 4,095.98, a 0.05 percent hike.
Gainers edged losers 94 to 88 with 54 stocks unchanged. Trading turnover reached P6.31 billion.
The peso closed at 50.395, down from 50.383 on Monday.
The currency opened at 50.39 and hit a high of 50.34 and a low of 50.45. Trading turnover reached $898.6 million.
Asia’s emerging currencies traded flat-to-weaker on Tuesday against a strong dollar, as upbeat US jobs data fanned hopes that the Federal Reserve might start tapering its stimulus, and as COVID-19 curbs in various parts of the region hurt sentiment, Reuters reported.
“Emerging Asian currencies are unlikely to shake off the overnight weakness in Wall Street and Fed taper expectations,” Philip Wee, FX Strategist at DBS said in a note.
“The Delta-variant remains the largest factor weighing on growth prospects in Southeast Asia,” he added.
Right after the opening bell, the government announced the economy grew 11.8 percent in the second quarter from a 17-percent contraction last year.
SB Equities Inc. said the market digested the GDP results, which were “ahead of expectations.”
“While index rebalancing stocks AC Energy Corp., Converge Information and Communication Technology Solutions Inc. , DMCI Holdings Inc., and Emperador Inc. continued to be in focus, the benchmark index quickly pared opening gains and traded modestly in the red for the bulk of the session to finish losing a marginal 9.34,” it said.
Japhet Tantiangco, analyst at Philstocks Financial Corp., said the mixed result “comes amid the resurgence in COVID-19 cases in the Philippines, resulting in the country being classified as a high risk area.”
“The surge in cases, if sustained, raises the risks of prolonging the stringent quarantine measures implemented in some parts of the country, including the NCR, and extending it to other areas. These in turn would be detrimental to the economy,” he said.
Last- minute bargain hunting managed to trim the loss, Tantiangco noted.
Foreign funds were sellers worth P26.70 million.
Most actively traded Converge ICT was down P0.30 to P26.85. AC Energy Corp. was down P0.30 to P9.07. Monde Nissin Corp. was up P0.14 to P16.92. Emperador was down P0.22 to P12.88. DMCI was up P0.22 to P5.70. Ayala land Inc. was down P0.60 to P33.20.
International Container Terminal Services Inc. was down P2 to P184. Dito CME Holdings Inc. was up P0.88 to P8.24. SM Prime Holdings Inc. was steady at P33.90. Bank of the Philippine Islands was up P0.35 to P83.50.
