Stocks slip as investors take profit, peso down

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Share prices ended lower Monday on profit-taking.

The Philippine Stock Exchange index (PSEi) was down 159.45 points, a 2.32 percent drop to 6,704.41.

The broader all shares index was down 57.64 points or 1.59 percent to 3,577.93.

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Losers edged gainers 132 to 62 with 39 stocks unchanged. Trading turnover reached P5.44 billion.

The peso closed at 56.21 to the dollar, down from 55.93 on Friday.

The currency opened at 56.10, and hit a high of 56.03 and a low to 56.55.

The dollar index, which measures the greenback against six major peers, hit a five-week high and further dragged most emerging currencies after more Fed officials flagged the likelihood of further aggressive monetary tightening.

US Fed Chair Jerome Powell headlines a host of policy makers at Jackson Hole later this week and markets are weighing risks of a continued hawkish stance on policy.

Claire Alviar, analyst at Philstocks Financial Inc., said investors continue to take profit.

“Moreover, the depreciation of the peso contributed to the negative sentiment. This is on the back  of the expectation that the Federal Reserve could remain hawkish which may weaken the peso,” she said.

“Moreover, supply concerns over some food items weighed on the sentiment,” Alviar added.

Most actively traded SM Prime Holdings Inc. was down P1.40 to P36.55. Ayala Land Inc. was down P0.65 to P28.90. International Container Terminal Services Inc. was down P2.20 to P184.80. Abacore Capital Holdings Inc. was down P0.03 to P2.17. Security Bank Corp. was down P1.65 to P88.85. Converge ICT Solutions Inc. was down P0.34 to P19.20. Ayala Corp. was down P33.50 to P736.50. Emperador Inc. was up P0.900 to P21.50. PLDT Inc. was up P19 to P1,769. BDO Unibank Inc. was down P2.80 to P126.50. – Ruelle Castro

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