Stocks flat on US-China tensions

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Share prices ended flat as investors took to overseas leads to trade the market.

The Philippine Stock Exchange index was up 0.24 of a point to 6,172.81, a 0.004 percent hike.

The broader all shares index was down 7.90 points to 3,625.85, a 0.22 percent drop.

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Losers edged gainers126 to 87 with 29 stocks unchanged. Trading turnover reached P5.13 billion.

The peso closed at 49.545 to the dollar, down from 49.45 on Monday.

The currency opened at 49.52 and hit a high of 49.505 and a low of 49.58. Trading turnover reached $793.7 million.

“Philippine shares finished flat after the Trump administration rejected China’s expansive claims in the South China Sea, escalating tensions with Beijing on yet another front,” said Luis Limlingan, managing director at Regina Capital Development Corp.

“The move reverses a previous policy of not taking sides in territorial disputes in the region,” he added.

Limlingan said in the past, the US has called for protecting “freedom of navigation” in the contested waterway while stopping short of taking a position on specific territorial claims.

Most actively traded SM Investments Corp. was down P5 to P935. BDO Unibank Inc. was up P1.35 to P92.85. Pure Gold Priceclub Inc. was up P1.40 to P48. Ayala Land Inc. was up P1.10 to P33.50. MerryMart Consumer Corp. was down P0.31 to P2.65. International Container Terminal Services Inc. was down P1.70 to P96.55. Metro Pacific Investments Corp. was down P0.12 to P3.36. Holcim Philippines Inc. was down P0.41 to P5.40.

Metropolitan Bank and Trust Co. was steady at P36. GMA Network Inc. was down P0.88 to P5.77.

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