Stocks drop on cautious trade, peso up

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    Share prices ended lower yesterday on risk aversion.

    The Philippine Stock Exchange index (PSEi) was down 40.15 points to 7,779.07, a 0.51 percent drop.

    The broader all shares index was down 15.94 points to 4,712.87, a 0.34 percent drop.
    Losers edged gainers 125 to 71 with 52 stocks unchanged.

    Trading turnover reached P12.92 billion.

    The peso closed at 51.83 to the dollar, up from 51.875 on Friday. The currency opened at 51.88, its intraday low and hit a high of 51.73. Trading turnover reached $991.27 million.

    “Shares ended the day lower after reports that the White House is considering limits on US investments into China, aggravating the protracted trade dispute between the globe’s two largest economies. President Trump cited that he was considering weighing limits on US portfolio funds into China, which includes listing of Chinese firms in the US,” said Luis Limlingan, managing director at Regina Capital Development Corp.

    Most-actively traded Ayala Land Inc. was up P0.15 to P49.45. SM Investments Corp. was down P29 to P971. Ayala Corp. was down P8.50 to P884.50. Universal Robina Corp. was down P1.50 to P156. International Container Terminal Services Inc. was down P2.10 to P120.40. Ayala Land Inc. was was up P0.15 to P49.45. SM Investments Corp. was down P29 to P971. Ayala Corp. was down P8.50 to P884.50. Universal Robina Corp. was down P1.50 to P156.