SHARE prices ended lower Thursday as investors took to overseas leads to trade the market.
The Philippine Stock Exchange index was down 66.21 points to 5,342.31, a 1.22 percent drop.
The broader all shares index was down 40.33 points to 3,238.48, a 1.23 percent drop.
Losers edged gainers 126 to 54 with 35 stocks unchanged. Trading turnover reached P4.4 billion.
The peso closed at 50.85 to the dollar, up from 50.88 on Wednesday.
The currency opened at 51, hit a high of 50.80 and a low of 51.03. Trading turnover reached $424.9 million.
SB Equities Inc. said shares finished back “in the red following Wall Street’s plunge as investors continued to brace for lower economic output and corporate earnings following the Luzon-wide enhanced community quarantine.”
Foreign funds were net seller for 14 straight session.
Luis Limlingan, managing director at Regina Capital Development Corp., said “pandemic fears” drove yesterday’s trading.
“Local stocks sank as all regional markets kicked off the second quarter on poor macro(economic) data and concerns the coronavirus will keep the economy shut down longer than expected. Global cases eclipsed 900,000 and deaths topped 45,300. Two more US states joined the stay-at-home list, with Florida and Pennsylvania taking the step,” Limlingan said.
“In Europe, Spain reported another increase in fatalities, while Italy and Germany moved to extend their lockdown measures and the UK said it would ‘significantly’ increase testing. US President Trump cited in his interview that US could hit 250,000; warned of ‘very, very painful two weeks’,” he added.
Most actively traded Ayala Corp. was down P13 to P450. Ayala Land Inc. was up P1.15 to P32.30. BDO Unibank Inc. was down P5.20 to P100. SM Prime Holdings Inc. was up P1.30 to P29.60. JG Summit Holdings Inc. was down P3 to P53. SM Investments Corp. was down P6 to P820. Bank of the Philippine Islands was down P1.50 to P60.55. PLDT Inc. was down P69 to 1,090. Metropolitan Bank and Trust Co. was down P2.05 to P37.90.
