Local bourse bucks US, regional trend

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    Share prices ended lower Wednesday as investors continued to take profit on lack of strong news to buoy the market.

    The Philippine Stock Exchange index (PSEi) was down 3.01 points to 7,140.29, a 0.04 percent drop.

    The broader all shares index was down 19.14 points to4,280.98, a 0.45 percent drop.
    Losers edged gainers 169 to 66 with 39 stocks unchanged. Trading turnover reached P12.51 billion.

    The peso closed at 48.054 to the dollar, up from 48.06 on Wednesday. The currency opened at 48.04 and hit a high of 48.035 and a low of 48.058. Trading turnover reached $599.4 million.

    “Philippine equities traded sideways on Thursday, again bucking the advance of its regional and US peers as investors continued to largely shun blue chips in favor of non-index names given a lack of immediate positive drivers,” said stockbroker SB Equities Inc.

    SB Equities said the PSE “opened moderately stronger at its day highs” before shedding the gains as the session progressed and trading in the red within a 50-point range. It, however,
    closed the session just marginally lower.

    Luis Limlingan, managing director at Regina Capital and Development Corp., said the selldown was influenced partly by investors going back “into the US with the peaceful transition of power of Joe Biden as the 46th president.”

    “US markets cheered the Inauguration Day, posting its best returns in almost four decades on the day of the official change in leadership in the White House,” he said.

    Most actively traded Apolo Global Capital Inc. was down P0.090 to P0.350. Dito CME Holdings Corp. was up P1.16 to P12.10. Basic Energy Corp. was down P0.51 to P2.30. Abra Mining and Industrial Corp. was steady at P29.41. Global Ferronickel Inc. was down P0.20 to P2.83. MRC Allied Inc. was down P0.13 to P0.69. AC Energy Philippines Corp. was up P0.27 to P6.97. AbaCore Capital Holdings Inc. was down P0.35 to P1.03. MerryMart Consumer Corp. was up P0.06 to P7.30.