Stocks down on profit-taking

    384

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

    The Philippine Stock Exchange index (PSEi) was down 46.68 points to 7,258.11, a 0.64 percent drop.

    The broader all shares index was down 35.57 points to 4,337.76, a 0.81 percent drop.

    Losers edged gainers 144 to 86 with 40 stocks unchanged. Trading turnover reached P9.74 billion.

    The peso closed at 48.051 to the dollar, up from 48.10 on Monday.

    The peso opened at 48.08 and hit a high of 48.045 and a low of 48.09. Trading turnover reached $476.25 million.

    Claire Alviar, analyst at Philstocks Financial Inc., investor sentiments were influenced by recent hikes that encouraged them to take profit.

    “Technical-wise, the PSEi is trading near the psychological resistance of 7,300 which triggers the profit- taking after three consecutive days of gains. Also, we don’t see fresh catalysts that could help the market to break out from its current resistance level,” Alviar said.

    Alviar said the negative sentiment was “further dragged by the warning of Fitch that a delay in the new coronavirus disease 2019 vaccine rollout may hurt the growth prospects of the Philippines.”

    Most actively-traded Apollo Global Capital Corp. was down P0.011 to P0.249. ACE Energy Philippines Inc. was down P0.72 to P6.50. Dito CME Philippines Corp. was down P0.01 to P0.72 to P11.96. MRC Allied Inc. was down P0.01 to P0.72. Premiere Horizon Alliance Corp. was up P0.02 to P2.11. SM Prime Holdings Inc. was down P0.30 to P39.70. BDO Unibank Inc. was up P0.10 to P111. SM Investments Corp. was up P18 to P1,068. Ayala Land Inc. was up P0.05 to P41.45. MerryMart Consumer Corp. was down P0.44 to P7.27.