Shares defy regional trend

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    Share prices ended lower Monday as investors took to profit- taking.

    The Philippine Stock Exchange index (PSEi) was down 31.8 points to 6,959.21, a 0.45 percent drop.

    The broader all shares index wa down 15.3 points to 4,207.66, a 0.36 percent drop.

    The peso closed at 47.93, up from 48.045 last Friday.

    The currency opened at 48.04 and hit a high of 47.90 and a low of 48.06. Trading turnover reached $1.51 billion.

    SB Equities Inc. said the market bucked the positive regional trend “as investors digested further corporate earnings while turning cautious on economic recovery following reports that Metro Manila mayors opposed some reopening guidelines set by the IATF (Inter-agency Task Force) and may recommend an extension of current quarantine restrictions in the NCR (National Capital Region) until end-March.”

    SB Equities said the market started up in mid-trade but “lackluster blue-chip appetite and late selling pressure saw the PSEi finished on its day lows.”

    Luis Limlingan, managing director at Regina Capital and Development Corp., said investors also closed lower on the US being closed for holiday Tuesday and investors analyzing earnings releases such as Jollibee Foods Corp., and SM Prime Holdings Inc.

    Most actively traded SM Investments Corp. was down P8 to P1,060. Dito CME Holdings Corp. was down P0.30 to P17.40. Converge Information and Technology Solutions Inc. was up P0.78 to P18.52. Trans Pacific Broadband Group International Inc. was up P0.18 to P0.64. Premier Horizon Alliance Corp. was down P0.07 to P2.90. Vulcan Industrial and Mining Corp. was up P0.32 to P3.85. AC Energy Corp. was down P0.28 to P7.59. MerryMart Consumer Corp. was up P0.44 to P7.50. Apollo Global Capital Inc. was down P0.002 to P0.237. Jollibee Foods Corp. was up P0.80 to P179.50.