Stocks down on COVID fears

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    Share prices ended lower Monday as investors took to profit-taking after several days of uptick.

    The Philippine Stock Exchange index was down 51.83 points to 6,918.05, a 0.74 percent drop.

    The broader all shares index was down 10.18 points to 4,073.37, a 0.25 percent drop.
    Gainers edged losers 119 to 109 with 30 stocks unchanged. Trading turnover reached P8.77 billion.

    The peso closed at 48.225 to the dollar, down from 48.21 on Friday. It opened at 48.16 and hit a high of 48.14 and a low of 48.225. Trading turnover reached $565 million.

    Luis Limlingan, managing director at Regina Capital and Development Corp., said the market’s drop is also due to “fears that rising coronavirus infections may slow the recovery of the global economy and fuel demand.”

    Limlingan said as of Monday, spot gold was up 0.5 perceny to $1,884.76 per ounce.

    “Increasing coronavirus infections globally re-ignited concerns about the economic toll from the pandemic, while skepticism over the reach of a potential COVID-19 vaccine further boosted the safe-haven metal,” Limlingan said.

    Most actively traded Bank of the Philippine Islands was up P1.30 to P83. SM Prime Holdings Inc. was down P0.95 to P37.80. Ayala Land Inc. was down P0.40 to P39.10. BDO Unibank Inc. was down P0.40 to P92.60. SM Investments Corp. was down P15 to P1,1015. Puregold Price Club Inc. was up P0.90 to P43.90. MerryMart Consumer Corp. was up P0.40 to P4.83.