Stocks down on inflation data

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    Share prices ended lower Tuesday on profit-taking.

    The Philippine Stock Exchange index was down 28.31 points to 5,901.64, a 0.48 percent drop.

    The broader all shares index was down 15.09 points to 3,543.73, a 0.42 percent drop.

    Losers edged gainers 144 to 57 with 53 stocks unchanged. Trading turnover reached P8.08 billion.

    The peso closed at 48.38 to the dollar, up from 48.405 on Monday.

    The currency opened at 48.35, hit a high of 48.33 and a low of 48.42. Trading turnover reached $658.2 million.

    “Philippine shares bucked the upturn in US and regional markets as investors digested domestic inflation slowing for a second month in September,” said stockbroker SB Equities Inc.

    SB Equities said the slower inflation for September was taken by investors to mean “sustained weak demand” in the economy.

    “With continued scant positive drivers and with foreign outflow extending to eighteen sessions,” SB Equities also said.

    Foreign funds were net seller of P863.7 million.

    Most actively traded Dito CME Holdings Corp. was steady at P6.81. Now Corp. was up P0.59 to P4.98. Metro Pacific Investments Corp. was up P0.03 to P3.83. Chelsea Logistics and Infrastructure Holdings Corp. was down P0.25 to P5.90. PLDT Inc. was steady at P1,390. BDO Unibank Inc. was down P1.75 to P86.55. MerryMart Consumer Corp. was down P0.07 to P3.02.

    Ayala Land Inc. was down P0.15 to P30. Metropolitan Bank and Trust Co. was down P0.10 to P39. Puregold Price Club Inc. was down. P2 to P45.85.