Stocks down on profit-taking

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

    The Philippine Stock Exchange index (PSEi) was down 77.63 points to 6,966.43, a 1.1 percent drop.

    The broader all shares index was down 35.31 points to 4,213.53, a 0.83 percent drop.

    Losers edged gainers 145 to 82 with 45 stocks unchanged. Trading turnover reached P19.35 billion.

    The peso closed at 48.38 to the dollar, down from 48.25 on Tuesday. It opened at 48.30 and hit a high of 48.222 and a low of 48.47. Trading turnover reached reached $1.39 billion.

    Luis Limlingan, managing director at Regina Capital and Development Corp., said the drop was influenced by “fears surrounding the increased volcanic activity in Taal,” keeping investors in the sidelines.

    “Officials yesterday issued a slight increase in activity with tremors being recorded, while individuals from neighboring villages were evacuated as a precaution. On top of this, regional shares ended mixed, with the S&P 500 and Nasdaq pulling back slightly from all-time highs and the Dow setting a fresh record close,” Limlingan said.

    Most actively traded SM Investments Corp. was down P10 to P1,060. Dito CME Holdings Corp. was down P0.20 to P17.78. Apollo Global Capital Inc. was up P0.22 to P0.265.

    BDO Unibank Inc. was down P3.40 to P105.60. Premier Horizon Alliance Corp. Corp. was down P0.12 to P2.67. SM Prime Holdings Inc. was down P0.75 to P37.25. Ayala Land Inc. was down P0.55 to P39.55. Converge Information Technology Solutions Inc. was down P0.70 to P18.14. Basic Energy Corp. was down P0.01 to P1.14. Greenery Corp. was down P0.09 to P3.90.