SHARE prices ended down Wednesday as investors took to profit-taking.
The Philippine Stock Exchange index (PSEi) was down 32.40 points to 5,639.27, a 0.57 percent drop.
The broader all-shares index was down 8.98 points to 3,416.05, a 0.26 percent drop.
Losers edged gainers 126 to 69 with 36 stocks unchanged. Trading turnover reached P6.05 billion.
The peso closed at 50.46 to the dollar, up from 50.52 on Tuesday.
The currency opened at 50.61, hit a high of 50.455 and a low of 50.64. Trading turnover reached $539.19 million.
Luis Limlingan, managing director at Regina Capital Development Corp., said the market took to profit-taking “ahead of the release of 1Q (first quarter) GDP, and with further COVID-19 (new coronavirus disease 2019) updates keeping investors at bay.”
“(Yesterday) morning agricultural output showed a contraction of a little over 1 percent, which is making analysts rethink (how) the Philippine economy performed from January to March,” Limlingan said.
He said investors were likewise waiting for updates related to COVID-19 as Pfizer & BioNTech administered the first patients with their experimental vaccines.
“Regeneron said an antibody treatment could be available as soon as this fall,” he added.
Most actively traded Ayala Land Inc. was up P0.30 to P33.50. BDO Unibank Inc. was down P2.20 to P96.10. Ayala Corp. was down P3.50 to P639. Metro Pacific Investments Corp. was down P0.07 to P2.78. Manila Water Co. was up P0.24 to P11.96. Metropolitan Bank and Trust Co. was down P0.70 to P36.80. Bank of the Philippine Islands was up P0.15 to P58.85.
