Share prices ended lower Thursday as investors opted to take profit.
The Philippine Stock Exchange index (PSEi) was down 23.86 points to 6,415.53, a 0.37 percent drop.
The broader all shares index was down 16.93 points to 3,947.41, a 0.43 percent drop.
Losers edged gainers 127 to 71 with 46 stocks unchanged. Trading turnover reached P5.65 billion.
The peso closed at 48.41 to the dollar, up from 48.45 on Wednesday.
The currency opened at 48.43, an intraday low, and hit a high of 48.38. Trading turnover reached $595.5 million.
Bangko Sentral governor Benjamin Diokno said on Wednesday the two-week lockdown of the capital Manila earlier this month will likely slow full-year economic growth to 6 percent-7 percent, compared with its earlier forecast of 6.5 percent-7.5 percent.
One of the fastest growing economies before the pandemic, the Philippines is currently facing one of the worst COVID-19 outbreaks in Asia, and its recovery from a record economic contraction last year is in danger of being derailed.
Luis Limlingan, managing director at Regina Capital and Development Corp., the market “succumbed to profit taking as investors piled into regional equities most sensitive to an economic recovery.”
“Risk also fluctuated overnight amidst earnings news and concerns about rising covid cases in a number of spots, particularly India. New Zealand inflation ticked up slightly, in line with expectations,” Limlingan said.
“Meanwhile earnings season for the first quarter of 2021 is coming underway as index heavyweight BPI reported net income, which may serve as a prelude to the rest of the companies reporting in the coming weeks,” he added.
Most actively traded Ayala Land Inc. was down P0.90 to P32.10. SM Investments Corp. was up P2 to P970. BDO Unibank Inc. was down P2.60 to P2.60. Ayala Corp. was steady at P745. JG Summit Holdings Inc. was down P1.70 to P55.10. SM Prime Holdings Inc. was up P0.65 to P35.45. Megaworld Corp. was down P0.04 to P3.16. Bank of the Philippine Islands was up P0.10 to P82.20. MerryMart Consumer Corp. was down P0.11 to P5.38.
