Stocks break two-day uptick on profit-taking; peso up

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    Share prices ended lower Wednesday on profit taking after a two-day uptick in the stock market.

    The Philippine Stock Exchange index (PSEi) was down 8.42 points to 6,859.46, a 0.12 percent drop.

    The broader all shares index was down 0.91 point to 4,143.26, a 0.02 percent drop.

    Losers edged gainers 106 to 110 with 44 stocks unchanged. Trading turnover reached P9.58 billion.

    The peso closed at 48.03 to the dollar, up from 48.07 on Tuesday. It opened at 48.025, hitting a high of 48.016 and a low of 48.019. Trading turnover reached $1.57 billion.

    SB Equities Inc. said the market bucked the sustained regional climb and taking a breather from a two-day rally “as investors awaited further progress on the ratification of the CREATE (Corporate Recovery and Tax Incentives for Enterprises) bill and January inflation data due out at the end of the week.”

    The stockbroker said the stock market was initially trading up on the overnight uptick in Wall Street but late session selling cut the momentum and kept it in the red upon closing.

    “The local market was unable to successfully get past its 6,900 resistance level as investors booked gains out of its two-day rally,” said Japhet Tantiangco, analyst at Philstocks Financial Corp.

    “Concerns over the jump of our national government’s outstanding debt and its possible repercussions to the economy also weighed on sentiment,” he added.

    Most actively traded AC Energy Philippines Corp. was up P0.14 to P7.74. Dito CME Holdings Corp. was down P0.16 to P13.50. Apollo Global Capital Inc. was up P0.012 to P0.212. PLDT Inc. was down P36 to P1,388. Bank of the Philippine Islands was down P0.30 to P82.80.

    Ayala Land Inc. was down P0.75 to P38.25. BDO Unibank Inc. was down P0.10 to P105.20.

    MerryMart Consumer Corp. was down P0.11 to P6.84. Basic Energy Corp. was up P0.02 to P1.12. Metro Pacific Investments Corp. was up P0.10 to P4.25.