Stocks correct

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    Share prices ended lower Tuesday as investors took to profit-taking.

    The Philippine Stock Exchange index was down 53.62 points to 7,227.73, a 0.74 percent.

    The broader all shares index was down 17.50 points to 4,321.01, a 0.4 percent.

    Losers edged gainers 95 to 128 with 49 stocks unchanged. Trading turnover reached P10.13 billion.

    The peso closed at 48.063 to the dollar, down from 48.05 on Monday.

    The currency opened at 48.06 and hit a high of 48.05 and a low of 48.08. Trading turnover reached $490.65 million.

    SB Equities Inc. said “stocks fell on Tuesday as the market took a breather after a three-day rally, which took the local bellwether to a 10- month high in the previous session.”

    Luis Limlingan, managing director at Regina Capital and Development Corp., said investors are weighing the “stimulus progress and vaccine distribution against dire new restrictions.”

    “The progress of the vaccine rollout news drove skepticism in wider financial markets, with investors making assumptions on a resultant economic recovery,” Limlingan said.

    Most actively traded Metropolitan Bank and Trust Co. was down P1.20 to P49.80. Ayala Land Inc. was down P0.20 to P41.30. BDO Unibank Inc. was up P1 to P114.50. SM Prime Holdings Inc. was up P0.10 to P38.15. PLDT Inc. was up P10 to P1,360. Universal Robina Corp. was down P3 to P154. SM Investments Corp. was down P15 to P1,050. Robinsons Land Corp. was down P0.20 to P21.65. Bank of the Philippine Islands was up P1 to P83. Premier Horizon Alliance Corp. was down P0.06 to P0.99.