Investors bet on 2nd & 3rd liner stocks

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    Share prices ended mixed Wednesday as investors rotated funds to second and third liners on lack of strong catalyst.

    The Philippine Stock Exchange index (PSEi) was down 22.11 points to 5,931.33, a 0.37 percent drop.

    The broader all shares index was down 4.36 points to 3,544.24, a 0.12 percent drop.

    Gainers edged losers 101 to 89 with 51 stocks unchanged. Trading turnover reached P4.91 billion.

    The peso closed at 48.52 to the dollar, down from 48.50 on Tuesday.

    The currency opened at 48.52 and hit a high of 48.515 and a low of 48.55. Trading turnover reached $481.5 million.

    SB Equities Inc. said the market “fell right after the opening bell.”

    Foreign investors were on their 7th day of net selling amid anticipation of “outflows in the upcoming MSCI rebalancing activities.”

    SB Equities also cited the lack of strong news for investors to trade.

    Most actively traded SM Investments Corp. was up P6 to P887. SM Prime Holdings Inc. was down P0.55 to P29.50. Ayala Land Inc. was down P0.40 to P30. BDO Unibank Inc. was down P0.55 to P86.95. PLDT Inc. was down P7 to P1,441. Universal Robina Corp. was down P3.50 to P139. International Container Terminal Services Inc. was steady at P106.50. Ayala Corp. was down P14.50 to P717.50. Metro Pacific Investments Corp. was up P0.15 to P3.33.