PH stocks lead region’s decline; peso firm at 50.97:$1

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    The Philippines led the declines in Southeast Asian stock markets on prolonged US-China trade spat and as investors locked in profits following a recent rally.

    The Philippine Stock Exchange index was down 21.48 points to 7,933.76, a 0.27 percent drop.

    The broader all shares index was down 5.91 points to 4,778.20, a 0.12 percent drop.
    Losers edged gainers 91 to 82 with 61 stocks unchanged.

    Trading turnover reached P4.67 billion.

    The peso closed at 50.97 to the dollar, up from 51.18 on Tuesday. It opened at 51.23, hit a high of 50.97 and low of 51.285.

    “Philippines shares closed lower as investors pored through a slew of key earnings, the Sino-US trade talks continue, and as UK lawmakers debated Prime Minister Boris Johnson’s EU Withdrawal Agreement Bill,” said Luis Limlingan, managing director at Regina Capital Development Corp.

    “President Donald Trump said Monday that talks between Washington and Beijing are going ‘very well’. Top trade negotiator Robert Lighthizer also said that the US aims to finish the first phase of talks by mid-November when the two countries meet in Chile. Processors in China got permission to buy another 10 million metric tons exempted from retaliatory duties, and are seeking cargoes for late this year and early 2020, people familiar said. This would be the third round of waivers, with about 5 million tons allowed in tariff-free previously,” Limlingan added.

    Most actively traded Suntrust Home Developers Inc. was down P0.01 to P0.91. SM Investments Corp. was steady at P1,014. Ayala Land Inc. was up P0.20 to P49. Bank of Philippine Islands was down P0.60 to P97. BDO Unibank Inc. was down P1.60 to P146.80.

    International Container Terminal Services Inc. was down P0.70 to P123. SM Prime Holdings Inc. was up P0.25 to P38.75. Universal Robina Corp. was down P1.80 to P157.20. Ayala Corp. was down P5 to P865.50. Metropolitan Bank and Trust Co. was down P0.30 to P865.50.