Stocks drop on selldown

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    Late-session selling pushed  share prices down yesterday.

    The Philippine Stock Exchange index was down 113.82 points to 7,804.71, a 1.44 percent drop.

    The broader all shares index was down 56.98 points to 4,740.61, a 1.19 percent drop.

    Losers edged gainers 125 to 67 with 56 stocks unchanged.

    Trading turnover reached P6.83 billion.

    “It was a quiet day for the index until a massive selldown at the close which led the PSEi to end 113 points in the red,” said Gabriel Jose Perez, trader at Papa Securities Corp.

    “The selldown could possibly be attributed to US futures being down by 1.0 percent at the moment as this signals how the US market will move tonight  — effectivity of tariffs last September 1 being the cause,” Perez added.

    The peso closed at 52.31 to the dollar, down from 52.105 on Monday. It opened at 52.23, hit a high of 52.19 and a low of 52.265.

    Trading turnover reached $1.34 billion.

    Most actively traded Nickel Asia Corp. was up P0.39 to P4.50. SM Prime Holdings Inc. was down P0.90 to P34.10. Ayala Land Inc. was down P0.10 to P47.30. Global Ferronickel Holdings Inc. was up P0.22 to P1.90. Ayala Corp. was down P21 to P900. BDO Unibank Inc. was down P3 to P142. SM Investments Corp. was down P25 to P994. Megaworld Corp. was steady at P5.10. Metropolitan Bank and Trust Co. was steady tp P70.50. Universal Robina Corp. was down P2.80 to P167.50.

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