Stocks down, peso up

    275

    Share prices ended lower Monday as investors took to profit taking ahead of the government’s next move on the quarantine status of the National Capital Region after a surge in new coronavirus disease 2019 (COVID-19) cases

    The Philippine Stock Exchange index (PSEi) was down 8.13 points to 6,068.78, a 0.13 percent drop.

    The broader all shares index was down 1.85 points to 3,594.34, a 0.05 percent drop.

    Losers edged gainers 104 to 73 with62 stocks unchanged. Trading turnover reached P5.76 billion.

    The peso closed at 48.71, up from 48.765 last Friday.

    The currency opened at 48.70 and hit a high of 48.665 and a low of 48.72. Trading turnover reached $423.3 million.

    “Philippine stocks slipped on Monday as investors awaited a government announcement on plans for quarantine measures in the capital region after August 18th,” said stockbroker SB Equities Inc.

    “With experts from the University of the Philippines and Metro Manila mayors said to be in favour of an extension of stricter quarantine measure, the PSEi fell,” it added.

    Quoting Nicholas Mapa, ING Bank senior economist for the Philippines, Reuters reported that “comments from authorities suggest that lockdown measures will be relaxed in the coming week in a bid to jump start economic activity.”

    “With cases accelerating, it may be difficult to expect economic activity to return to business as usual,” Mapa added.

    Reuters saud currencies and equity markets across the region rose in morning trade, tracking gains in China after its central bank rolled over maturing medium-term loans to the financial system, injecting 700 billion yuan ($100 billion) into the market.

    With the postponement of a scheduled review of the US-China Phase-One trade deal also taking one big risk off the table for now, Taiwan shares outperformed some of their peers while promises of more government infrastructure spending helped Indian shares gain half a percent.

    The peso, which has proven more robust than Manila’s stock market in the face of the pandemic, inched higher against a broadly weaker US dollar.

    In Thailand, the baht dipped and the benchmark stock index fell up to half a percent, as a double whammy of political protests and data showing the economy shrank by 12.2 percent in the second quarter added to the government’s headaches.

    Most actively traded AREIT Inc. was up P1.85 to P25.95. SM Investments Corp. was down P20 to P880. PLDT Inc. was down P2 to P1,348. Pure Gold Price Club Inc. was down P0.85 to P49.65. DMCI Holdings Inc. was down P0.01 to P3.69. Semirara Mining and Power Corp. was up P0.18 to P9.22. Dito CME Holdings Inc. was up P0.14 to P3.24. JG Summit Holdings Inc. was up P2.70 to P64. GT Capital Holdings Inc. was up P23 to P424. Fist Gen Corp. was up P0.90 to P23.50.