Shares snap 7-day rally

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    Share prices ended lower Wednesday as investors took to profit-taking, breaking its seven-day rally.

    The Philippine Stock Exchange index was down 11.22 points to 7,024.26, a 0.16 percent drop.

    The broader all shares index was up 6.33 points to 4,102.80, a 0.16 percent hike.

    Gainers edged losers 130 to 70 with 49 stocks unchanged. Trading turnover reached P27.77 billion, including an P11.51-billion BDO Unibank Inc. special block sale.

    The peso closed at 48.37 to the dollar, flat compared to Monday’s close.

    The currency opened at 48.35, an intraday low and hit a high of 48.25. Trading turnover reached $507.9 million.

    SB Equities Inc. said the market “capped a seven-day rally by taking a breather on Wednesday, slipping as investors chose to lock in gains in select blue-chips while also digesting the latest MSCI quarterly index review.”

    “With the market also weighing concerns over stretched valuations against optimism over news of vaccine trial results and subsequent economic recovery, the local bourse saw a mixed session,” SB Equities said.

    Most actively traded BDO Unibank Inc. was down P1.20 to P94.30. Bank of the Philippine Islands was up P3.35 to P84.35. Ayala Land Inc. was up P0.55 to P38.30. SM Investments Corp. was down P51 to P1,049. SM Prime Holdings Inc. was steady at P38.30. Dito CME Holdings Corp. was up P0.42 to P6.30. Metropolitan Bank and Trust Co. was up P1.85 to P45. Chelsea Logistics and Infrastructure Corp. was down P0.22 to P6.08. Ayala Corp. was up P30 to P870. GT Capital Holdings Corp. was up P30.50 to P560.