Shares drop on trade row woes, peso down

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    Share prices ended lower Tuesday as risk aversion hit investors anew.

    The Philippine Stock Exchange index (PSEi) was down 43.98 points or by 0.56 percent to 7,840.31.

    The broader all shares index was down 18.77 points or by 0.39 percent to 4,740.32.

    Losers edged gainers 111 to 65 with 63 stocks unchanged.

    Trading turnover reached P4.6 billion.

    The peso closed at 51.641 to the dollar, down from 51.57 on Monday.

    The currency opened at 51.55, hit a high of 51.50 and a low of 51.675. Trading turnover reached $1.37 billion.

    Luis Limlingan, managing director at Regina Capital Development Corp., said “Philippine stocks drifted lower as investors concluded the trade deal with China announced Friday will not lead to significantly lower trade barriers or foster global economic growth in the near term.”

    “Regional stocks closed lower as traders tracked developments in a crucial week for Brexit, while details of the partial trade accord between the US and China remained hazy,” Limlingan said.

    Most-actively traded Metro Pacific Investments Corp. was down P0.16 to P4.90. Ayala Corp. was up P1 to P878.50. SM Investments Corp. was down P15 to P995. Ayala Land Inc. was steady at P48. Metropolitan Bank and Trust Co. was up P0.20 to P68.50. International Container Terminal Services Inc. was steady at P121. AllHome Corp. was down P0.06 to P11.50. SM Prime Holdings Inc. was down P1.10 to P38.10. Alliance Global Group Inc. was up P0.42 to P11.48. Jollibee Foods Corp. was down P1.20 to P233.40.