SHARE prices ended lower Tuesday as investors took to overseas lead to trade the market.
The Philippine Stock Exchange index (PSEi) was down 141.40 points or by 2.47 percent to 5,592.25.
The broader all shares index was down 84.16 points or by 2.42 percent to 3,389.74.
Losers edged gainers 140 to 49 with 44 stocks unchanged. Trading turnover reached P5.66 billion.
The peso closed at 50.79 to the dollar, similar to its Monday’s closing.
The currency opened at 50.83, hit a high of 50.765 and a low of 50.905. Trading turnover reached $381.9 million.
“Philippine shares fell for the second straight day on Tuesday after crude oil’s historic plunge curtailed risk appetite, with investors also continuing to await news of the government’s plans to lift the Luzon-wide lockdown that’s due to end on April 30,” said stockbroker SB Equities Inc.
SB Equities noted this happened in the backdrop of an overnight drop in Wall Street and foreign outflow extended to 25 straight sessions.
Luis Limlingan, managing director at Regina Capital Development Corp., said the oil futures crash overshadowed “optimism about plans for a staggered easing of global lockdowns in the wake of the COVID-19 pandemic.”
“WTI May Futures expiry dropped to minus $37.63 a barrel after CME allowed it to trade into negative (never before), due to a lack of storage in Cushing, USA. June’s contract settled at $20.43. That gap between the two contracts is by far the biggest ever,” he said.
“The move was amplified by investors buying ($1.6 billion) into the United States Oil Fund (USO) and rushing to roll the May contract into the June. The next fear factor is Brent Crude and the funding from global institutions,” he added.
Most actively traded Jollibee Foods Corp. was down P6.90 to P136.10. SM Prime Holdings Inc. was down P1.50 to P30. PLDT Inc. was down P20 to P1,130. BDO Unibank Inc. was down P1.90 to P100.60. Ayala Corp. was down P31 to P575. Metropolitan Bank and Trust Co. was down P2.40 to P38.95. Pure Gold Price Club inc. was steady at P46.50. Dito CME Holdings Corp. was down P0.01 to P2.32. Ayala Land Inc. was down P0.15 to P30.95. International Container Terminal Services Inc. was down P3.45 to P77.
