Local shares down, join regional selloff

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    Share prices ended lower Thursday tracking overseas leads.

    The Philippine Stock Exchange index (PSEi) was down 46.92 points to 5,845.80, a 0.8 percent drop.

    The broader all shares index was down 23.19 points to 3,521.95, a 0.65 percent drop.

    Losers edged gainers 120 to 76 with 31 stocks unchanged. Trading turnover reached P40.5 billion.

    The peso closed at 48.56 to the dollar, down from 48.47 on Wednesday.

    The currency opened at 48.60, an intraday low, and hit a high of 48.51. Trading turnover reached $585.15 million.

    SB Equities Inc. said “shares joined the regional sell-off on Thursday following an overnight drop on Wall Street as warnings by the Federal Reserve over a pro-longed economic recovery and need for further fiscal stimulus dampened sentiment.”

    “With investors also awaiting government plans for quarantine measures at the end of the month, the PSEi dipped from the open and traded weaker below the 5,900 mark all session, finishing on its lows,” SB Equities said.

    Most actively traded MerryMart Consumer Corp. was down P0.01 to P3.14. SM Prime Holdings Inc. was down P0.65 to P28.35. Universal Robina Corp. was up P1.60 to P135.

    PLDT Inc. was down P15 to P1,370. Ayala Land Inc. was up P0.15 to P29.95. SM Investments Corp. was down P13 to P872. Puregold Price Club Inc. was up P1.05 to P49.45. Now Corp. was down P0.03 to P3.07. Metropolitan Bank and Trust Co. was up P0.40 to P36.40. Bank of the Philippine Islands was up P0.05 to P64.10.