Shares fall as investors take profit, peso up

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Share prices fell Monday tracking overseas lead.

The peso closed up.

The Philippine Stock Exchange index was down 69.97 points to 6,872.24, a 1.01 percent hike.

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The broader All Shares index was down 28.09 points or 0.78 percent to 2,574.72.

Losers edged gainers 125 to 62 with 53 stocks unchanged. Trading turnover reached P3.76 billion.

The peso closed at 55.37 compared to the dollar, up from 55.57 on Friday.

The currency opened at 55.59 and hit a high of 55.37 and a low of 55.65. Trading turnover reached  $1.09 billion.

Asian currencies struggled for direction on Monday with investors looking for clues on the outlook for inflation, while a mixed US jobs report pointed towards the possibility of a Federal Reserve rate cut in the coming months.

Luis Limlingan, managing director at Regina Capital and Development Corp., said investors opted to take profit as they await the US inflation reading for last month.

Most actively traded SM Prime Holdings Inc. was down P1.20 to P31.60. SM Investments Corp. was up P4 to P983.50. Ayala Land Inc. was down P0.90 to P32.30. Universal Robina Corp. was down P0.70 to P110.90. International Container Terminal Services Inc. was down P8.20 to P301.60. Bank of the Philippine Islands was down P0.10 to P118. Metropolitan Bank and Trust Co. was up P1.20 to P62. PLDT Inc. was up P17 to P1,317. Jollibee Foods Corp. was down P4 to P260. Ayala Corp. was down P16.50 to P667.

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