PH stocks drop the most in region, peso up

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    The Philippine benchmark dropped the most in the region with share prices ended lower Monday as investors turned risk-off amid overseas news.

    The Philippine Stock Exchange index was down 176.03 points or by 2.23 percent to 7,701.60.

    The broader all shares index was down 80.18 points or by 1.72 percent to 4,581.89.

    Losers edged gainers 126 to 70 with 73 stocks unchanged. Trading turnover reached P6.23 billion.

    The peso closed at 50.635 to the dollar, up from Friday’s 50.64.

    The currency opened at 50.65, hit a high of 50.57 and a low of 50.67. Trading turnover reached $270.3 million.

    “Local shares were sold down China and the US agreed to a phase one deal as investors deployed their funds back into the US markets,” said Luis Limlingan, managing director at Regina Capital Development Corp.

    “Officials from the US and China have made formal statements indicating that they have reached agreement on a ‘phase one’ trade deal that, according to the US Trade Representative addresses ‘intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange’ and ‘includes a commitment by China that it will make substantial additional purchases of US goods and services in the coming years.’

    Neither US nor Chinese officials have been specific about what the reforms are, nor has there been any detail provided regarding the size of Chinese agriculture purchases from the US,” Limlingan added.

    Most-actively traded Ayala Corp. was down P30 to P752. Ayala Land Inc. was down P1.15 to P45.75. Metro Pacific Investments Corp. was up P0.04 to P3.05. SM Investments Corp. was down P14 to P1,055. SM Prime Holdings Inc. was down P1 to P40.80. BDO Unibank Inc. was down P3.10 to P157. International Container Terminal Services Inc. was up P1.90 to P127.90. Jollibee Foods Corp. was up P2.40 to P223.60. Alliance Global Group Inc. was up P0.22 to P11.38. JG Summit Holdings Inc. was down P3.70 to P78.20.

    Most other Southeast Asian stock markets slipped on

    Malaysian equities were set to snap a three-day winning streak, while Indonesian stocks pared early gains