SHARE prices ended lower Monday as investors took to profit-taking.
The Philippine Stock Exchange index (PSEi) was down 42.36 points to 5,496.83, a 0.76 percent drop.
The broader all shares index was down 36.96 points to 3,312.02, a 1.1 percent drop.
Losers edged gainers 156 to 37 with 35 stocks unchanged. Trading turnover reached P5.17 billion.
The peso closed at 50.53 to the dollar, up from 50.70 on Friday.
The currency opened at 50.68 and hit a high of 50.53 and a low of 50.70. Trading turnover reached $491.5 million.
“Investors remained on the sidelines awaiting the latest update from government on how businesses in general would be conducted after May,” said Luis Limlingan, managing director at Regina Capital and Development Corp.
“Fourteen of the 17 mayors in Metro Manila are supporting the plan to downgrade the MECQ (modified enhanced community quarantine) to GCQ (general community quarantine) in the NCR (National Capital Region) after May 31. There were also a few catalysts today as the US markets were closed last night in observance of Memorial Day,” Limlingan said.
He added the US market’s futures were higher prior to its market’s opening by Monday night, “as optimism about a potential coronavirus vaccine built.”
“Oil prices eased on Monday on concerns over rising tensions between US and China over Beijing’s plans to impose security laws on Hong Kong and the possibility of sanctions from Washington… Gold declined on Monday as Japanese equities rose on news of a potential stimulus program that boosted investors’ risk appetite, though fresh tensions over Hong Kong limited the metal’s fall,” Limlingan said.
Most actively traded Jollibee Foods Corp. was down P14 to P119. Ayala Land Inc. was down P1 to P29.90. BDO Unibank Inc. was down P3.70 to P85.90. Pure Gold Price Club Inc. was up P0.35 to P46.50. Security Bank Corp. was down P5.65 to P77.10. SM Investments Corp. was up P10 to P838. Ayala Corp. was down P12 to P654. Globe Telecom Inc. was up P18 to P2,250. Universal Robina Corp. was down P2.40 to P120.60. Bank of the Philippine Islands was up P0.70 to P63.
