Shares down on selloff

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    Share prices ended lower Thursday on continued selling.

    The Philippine Stock Exchage index was down 89.14 points to 6,719.18, a 1.31 percent drop.

    The broader all shares index was down 27.92 points to 4,050.43, a 0.69 percent drop.

    Gainers edge losers 112 to 120 with 39 stocks unchanged.

    The peso closed at 48.50 to the dollar, up from 48.60 on Wednesday. The currency opened at 48.57 and hit a high of 48.465 and a low of 48.59. Trading turnover reached $792.65 million.

    SB Equities Inc. said “investors struggled for positive catalysts.”

    Luis Limlingan, managing director at Regina Capital and Development Corp., said shares were sold off “as the number of COVID-19 cases forced local government units to reimpose curfews to safeguard against further spread.”

    “In Metro Manila in particular, the PNP (Philippine National Police) intensified police deployment in the key cities with a surge in cases such as Malabon, Navotas, and Pasay,” Limlingan said.

    “On the other hand, foreign funds bought back into the US market, where the latest consumer price index (CPI) report just a moderate rise, well below than expected,” he added.

    Most actively traded Dito CME Holdings Corp. was up P1.50 to P10.50. Apollo Global Capital Corp. was up P0.043 to P0.208. Premier Horizon Alliance Corp. was up P0.50 to P2.45.

    Ayala Land Inc. was down P0.75 to P38.60. SM Investments Corp. was down P27 to P1,030. MerryMart Consumer Corp. was up P0.51 to P5.20. BDO Unibank Inc. was down P0.90 to P105. Bank of the Philippine Islands was down P0.80 to P81.50. AC Energy Corp. was up P0.06 to P6.88. Globe Telecom Inc. was down P50 to P1,968.