Stocks drop on GDP news

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    Share prices ended lower Thursday amid concerns about the economy.

    The Philippine Stock Exchange index was down 11.77 points to 6,851.84, a 0.17 percent drop.

    The broader all shares index was down 22.98 points to 4,108.34, a 0.56 percent drop.

    Losers edged gainers 136 to 73 with 53 stocks unchanged. Trading turnover reached P8.8 billion.

    The peso closed at 48.11 to the dollar, down from 48.075 on Wednesday. It opened at 48.115 and hit a high of 48.097 and a low of 48.145. Trading turnover reached $1.19 billion.

    “Philippine stocks edged lower on Thursday in a volatile session after the market digested the country’s GDP contraction of 8.3 percent in the fourth quarter and 9.5 percent for full-year 2020,” said SB Equities Inc.

    SB Equities also said risk-appetite were also dampened following the worst slump on Wall Street since October.

    Japhet Tantiangco, analyst at Philstocks Financial Corp., said bargain hunting however was seen on Thursday’s trading, bringing the PSEi to as high as 6,918.30 intraday until selling pressures took over “backed by worries over the country’s COVID-19 situation and how it may slow down or delay our economic recovery.”

    Reuters in a report also said investors found less reason to join the regional selling pressure given the local stock market is the worst regional performer so far this year, down nearly 4 percent.

    Most actively traded Basic Energy Corp. was down P0.11 to P1. Apollo Global Capital Inc. was down P0.049 to P0.199. Premier Horizon Allliance Corp. was down P0.21 to P1.95.

    BDO Unibank Inc. was down P0.70 to P103.80. Dito CME Holdings Corp. was up P0.16 to P11.92. AC Energy Philippines Corp. was down P0.61 to P6.02. Abra Mining and Industrial Corp. was down P0.0009 to P0.0051. SM Prime Holdings Inc. was steady at P36.80.

    MerryMart Consumer Corp. was down P0.42 to P36.80. Ayala Land Inc. was steady at P38.80.