Shares retreat for 5th day ahead of Duterte’s SONA

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    Share prices ended lower Monday as on profit-taking ahead of President Duterte’s State of the Nation Address (SONA).

    The Philippine Stock Exchange index was down 142.32 points to 5,860.94, a 2.37 percent drop.

    The broader all shares index was down 65.18 points to 3,467.83, a 1.85 percent drop.

    Losers edged gainers 123 to 72 with 48 stocks unchanged. Trading turnover reached P3.94 billion.

    The peso closed at 49.25 to the dollar, up from 49.33 on Friday.

    The currency opened at 49.30 and hit a high of 49.16 and a low of 49.32. Trading turnover reached $838.17 million.

    SB Equities Inc. said the market extended its losing streak to a fifth session “as investors remained concerned that the number of fresh coronavirus cases continued to rise, increasing the likelihood that Manila could actually revert back to ECQ (enhanced community quarantine).”

    SB Equities noted many market participants also stayed on the sidelines ahead of Duterte’s SONA in the afternoon.

    Most actively traded MerryMart Consumer Corp. was up P0.11 to P2.46. SM Investments Corp. was down P16.50 to P884. Metropolitan Bank and Trust Co.

    was down P1.75 to P34.30. BDO Unibank Inc. was down P3.05 to P90. Bank of the Philippine Islands was down P4.50 to P65. SM Prime Holdings Inc. was down P0.20 to P30.30. Ayala Corp. was down P32 to P710. Ayala Land Inc. was down P0.60 to P31.90. GT Capital Holdings Inc. was down P4.40 to P433.40.