Shares fall, peso ends at 48.375:$1

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    Share prices ended lower Wednesday on profit-taking following a recent rally.
    The Philippine Stock Exchange index (PSEi) was down 37.29 points to 6,277.79, a 0.58 percent drop.

    The broader all shares index was down 9.82 points to 3,808.29, a 0.26 percent drop.

    Gainers edged losers 112 to 89 with 46 stocks unchanged. Trading turnover reached P6.8 billion.

    The peso closed at 48.375 to the dollar, unchanged from Tuesday’s close.

    The currency opened at 48.35 and hit a high of 48.33 and a low of 48.40. Trading turnover reached $534.6 million.

    “The PSEi continued lower as selling pressure picked up. More investors are now securing profits from the recent rally which is giving investors who have not been able to ride the rally, a chance to pick up shares at lower prices,” said Chris Mangun, head of research at AAA Equities Inc.

    “As more third earnings reports come in, investors are realizing that the numbers are not as bad as what was expected. With more mobility and business restrictions lifted by the day, economic activity will continue to pick up,” Mangun added.

    Converge Converge Information and Communication Technology Solutions Inc. recovered yesterday after a couple of days of losses. Weak hands have exited and the price may begin to recover. It remains the most traded issue for a third day in a row.

    Most actively traded Converge was down P0.72 to P14.50. SM Prime Holdings Inc. was down P1 to P32.50. BDO Unibank Inc. was up P0.10 to P92. Ayala Corp. was steady at P760. Ayala Land Inc. was down P0.55 to P33.85. First Gen Corp. was up P2.90 to P29.30.

    Globe Telecom Inc. was up P50 to P2,100. SM Investments Corp. was down P4 to P965.

    Puregold Price Club Inc. was down P0.20 to P42.20. International Container Terminal Services Inc. was down P0.10 to P116.90.