Shares mixed as investors continue to take profit

- Advertisement -

Share prices ended mixed Thursday as investors continued to take profit.

The Philippine Stock Exchange index (PSEi) was up 5.64 points, a 0.08 percent hike to 6,824.63.

The broader all shares index was down 0.11 points or 0.003 percent to 3,619.77.

- Advertisement -

Losers edged gainers 104 to 96 with 40 stocks unchanged. Trading turnover reached P13.76 billion.

The peso closed at 55.888 to the dollar, down from 55.86 on Wednesday.

The currency opened at 55.85 and hit a high of 5.755 and a low of 55.975. Trading turnover reached $939.3 million.

Most other Asian currencies were pressured by a stronger dollar on Thursday after US Federal Reserve minutes indicated the central bank was committed to raising rates as high as necessary to tame inflation.

The dollar index, which measures the greenback against a basket of six major currencies, was trading higher at 106.86, rising more than 1 percent so far in the week on certainty that interest rates would remain higher to contain runaway inflation.

IG Group market strategist Yeap Jun Rong said the minutes acknowledged the risks to economic activity from too much tightening, “which suggests a more measured tightening approach could be taken with some eyes on growth conditions.”

Luis Limlingan, managing director at Regina Capital and Development Corp., said investors remained vigilant ahead of the Central Bank meeting’s result post-session.

“Note that the street widely expects a 50-basis point (bp) rate hike in the Monetary Board’s policy review meeting following an off-cycle 75bp rate adjustment last July,” he said.

Limlingan said the overnight drop on Wall Street also took a toll on the market.

Most actively traded Emperador Inc. was up P0.40 to P20.55. SM Investments Corp. was up P0.40 to P20.55. Ayala Land Inc. was down P0.80 to P28.60. SM Investments Corp. was down P2 to P880. BDO Unibank Inc. was down P0.60 to P127.60. SM Prime Holdings Inc. was down P0.25 to P37.75. Solar Philippines Nueva Ecija Corp. was down P0.07 to P1.73.

Ayala Corp. was down P5 to P770. Converge ICT Solutions Inc. was up P0.04 to P19.70.

PLDT Inc. was up P22 to P1,730. Security Bank Corp. was up P1.75 to P92.45.

Author

- Advertisement -

Share post: