Investors lock in gains from 2-day stocks rally

    1258

    Share prices ended lower Wednesday as investors continued to take profit from recent rallies.

    The Philippine Stock Exchange index (PSEi) was down 107.16 points to 7,001.51, a 1.51 percent drop.

    The broader all shares index was down 44.27 points to 4,184.28, a 1.05 percent drop.

    Losers edged gainers 120 to 97 with 40 stocks unchanged. Trading turnover reached P14.07 billion.

    The peso closed at 48.13 to the dollar, up from 48.145 on Tuesday.

    The currency opened at 48.11 and hit a high of 48.09 and a low of 48.15. Trading turnover reached $565.27 million.

    SB Equities Inc. said the market’s drop bucked regional advance “as investors continued to lock in gains on the view that valuations may have been overextended following the recent rally.”

    Japhet Tantiangco, analyst at Philstocks Financial Inc., said the market’s latest drop “has erased its gains from its two-day rally that was driven by COVID-19 (new coronavirus disease 2019) vaccine hopes and the Bangko Sentral ng Pilipinas’ latest rate cut.”

    “The exit of foreign funds contributed in Wednesday’s decline with net outflows amounting to P1.4 billion,” Tantiangco said.

    Most actively traded BDO Unibank Inc. was down P1 to P107.90. MerryMart Consumer Corp. was down P0.45 to P5.80. DMCI Holdings Corp. was up P0.15 to P5.57. Bank of the Philippine Islands was steady at P87.50. AC Energy Philippines Inc. was down P0.59 to P6.01. SM Prime Holdings Corp. was down P1.20 to P37.30. Ayala Land Inc. was down P1.25 to P37.75. GT CapitaL Holdings Corp. was down P19 to P570. Metropolitan Bank and Trust Co. was down P0.45 to P48.05. Dito CME Holdings Corp. was up P0.01 to P6.26.