Stocks down on negative news

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    Share prices ended lower Tuesday amid risk aversion as investors digested news from here and abroad.

    The Philippine Stock Exchange index (PSEi) was down 63.32 points to 7,134.18, a 0.88 percent drop.

    The broader all shares index was down 43.22 points to 4,273.94, a 1 percent drop.
    Losers edged gainers 133 to 87 with 43 stocks unchanged. Trading turnover reached P11.34 billion.

    The peso closed at 48.065 to the dollar, down from 48.02 on Monday. It opened at 48.04 and hit a high of 48.025 and a low of 48.07. Trading turnover reached $586 million.

    “The PSEi struggled as investors took profit after major US indices hit record high on the last trading day of 2020,” said Luis Limlingan, managing director at Regina Capital Development Corp.

    “Negative news triggering the sell-off include the additional movement restriction and more potent virus strain; the Sino-US tension escalating after China alleging US companies to declare ties to US military; Georgia Senate race leaning towards a Democrat win; stalemate among OPEC+ (Organization of Petroleum Exporting Countries) members and; the continued rise in Philippine inflation,” Limlingan added.

    SB Equities Inc. said investors have become cautious after it was reported that headline inflation in December accelerated more than expected to a near two-year high, “dampening chances of any further policy cuts in the short run.”

    Most actively traded Dito CME Holdings Corp. was up P0.38 to P13.40. Apollo Global Corp. was up P0.004 to P0.169. MerryMart Consumer Corp. was down P0.61 to P7.38. AC Energy Philippine Inc. was down P0.62 to P9.58. BDO Unibank Inc. was down P2.60 to P102.40.

    Premier Horizon Alliance Corp. was up P0.02 to P1.34. SM Prime Holdings Corp. was up P0.25 to P39.50. GT Capital Holdings Corp. was down P35 to P560. Bank of the Philippine Islands was down P0.30 to P82.10. Metropolitan Bank and Trust Co. was down P1.40 to P46.55.