Stocks fall for 2nd day

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    Share prices ended lower Tuesday on risk aversion.

    The Philippine Stock Exchange index (PSEi) was down 43.62 points or by 0.56 percent to 7,736.18.

    The broader all shares index was down 27.87 points or by 0.6 percent to 4,610.01.

    The peso closed at 50.735 to the dollar, up from 50.77 on Monday.

    The currency opened at 50.82, also its intraday low and hit a high of 50.70. Trading turnover reached $742.36 million.

    “The Philippine market remained on the sidelines as the risks around the US-China trade policy outlook continued to increase; the two sides have yet to agree on the amount of Chinese purchases of US agricultural goods and the extent of the rollback of the existing tariffs,” said Luis Limlingan, managing director at Regina Capital Development Corp.

    “The baseline assumption remains that China will purchase more US agricultural products in exchange for a rollback of the September 1 tariff step of 15 percent on about $100 billion of US imports from China as well as the cancellation of the December 15 tariff threat of 15 percent on the remaining $150 billion,” he added.

    This resulted to gold prices going up “as uncertainties in the US-China trade talks were rekindled due to the looming deadline for fresh US tariffs. Spot gold inched 0.12 percent higher to $1,461.15/oz while the US gold futures shed 0.2 percent, to end at $1,464.90,” Limlingan said.

    Most actively traded PLDT Inc. was down P35 to P1,000. Ayala Land Inc. was up P0.55 to P45.25. SM Prime Holdings Inc. was down P0.10 to P40.90. Metro Pacific Investments Corp. was up P0.13 to P3.67. BDO Unibank Inc. was down P0.10 to P159.90. SM Investments Corp. was down P9 to P1,051. Alliance Global Group Inc. was steady at P11.08.

    Metropolitan Bank and Trust Co. was down P1.20 to P67. International Container Terminal Services Inc. was down P2.50 to P117. Bank of the Philippine Islands was down P2.50 to P86.50.