Shares drop on negative sentiment, peso up

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    Share prices ended lower Monday as investors held on to their cash amid negative overseas leads.

    The Philippine Stock Exchange index (PSEi) was down 21.38 points to 7,683.22, a 0.28 percent drop.

    The broader all shares index was down 9.43 points to 4,666.17, a 0.2 percent drop.

    Losers edged gainers 97 to 86 with 57 stocks unchanged.

    Trading turnover reached P5.84 billion.

    The peso closed at 51.86 to the dollar, up from 51.73 on Friday.

    The currency opened at 51.75, its intraday high and hit a low of 51.93.

    “Philippine shares began the week on a slightly negative note, with fears of a recession lingering and enough evidence of a slowing economy to maintain market expectations for another Federal Reserve interest rate cut in late October,” said Luis Limlingan, managing director at Regina Capital Development Corp.

    “Stocks across the region were mixed as investors were hoping (for) further monetary easing from the US Federal Reserve in the wake of poor economic data, while chip stocks nudged higher after a report said Apple was increasing production of its new iPhone models,” Limlingan said.

    Most actively traded Axelum Resources Corp. was down P0.31 to P4.69. SM Investments Corp. was down P15 to P975. Jollibee Foods Corp. was down P0.20 to P220. Ayala Land Inc. was up P0.30 to P46.50. SM Prime Holdings Inc. was up P0.20 to P37.95. Universal Robina Corp. was steady at P157.70. International Container Terminal Services Inc. was up P0.10 to P121.10. Ayala Corp. was up P10 to P850. Megaworld Corp. was up P0.10 to P4.60.

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