Stocks down, peso up

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    Share prices ended lower Thursday as investors continued to take profit after recent hikes.

    The Philippine Stock Exchange index (PSEi) was down 73.76 points to 6,927.75, a 1.05 percent drop.

    The broader all shares index was down 46.19 points to 4,138.09, a 1.1 percent drop.

    Losers edged gainers 148 to 69 with 46 stocks unchanged. Trading turnover reached P15.49 billion.

    The peso closed at 48.115 to the dollar, up from 48.13 on Wednesday.

    The currency opened at 48.11 and hit a high of 48.08 and a low of 48.12. Trading turnover reached $575.71 million.

    SB Equities Inc. said the market’s drop yesterday, the third straight day, was driven by investors continuously locking gains “ahead of an expected outflow during Friday’s (today) local MSCI rebalancing.

    Investors are also awaiting the government’s quarantine plans post-November, leading the market to “struggle for positive leads and traded in the red all session,” it noted.

    Most actively traded Bank of the Philippine Islands was up P0.50 to P88. BDO Unibank Inc. was down P1.40 to P106.50. SM Prime Holdings Inc. was down P0.80 to P36.50. AyalaLand Inc. was up P0.25 to P38. Metropolitan Bank and Trust Co. was down P1.30 to P46.75.

    MerryMart Consumer Corp. was steady at P5.80. SM Investments Corp. was up P4 to P1,025.