Stocks fall on fragile sentiment over COVID

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    Share prices ended lower Wednesday amid profit taking as investors looked for more news to trade the market higher.

    The Philippine Stock Exchange index (PSEi) was down 60.85 points to 5,738.39, a 1.05 percent drop.

    The broader all shares index was down 27.25 points to 3,474.01, a 0.78 percent drop.

    Losers edged gainers 111 to 64 with 55 stocks unchanged. Trading turnover reached P6.38 billion.

    The peso closed at 48.53 to the dollar, down from 48.48 on Tuesday.

    The currency opened at 48.53, an intraday high, and hit low of 48.63. Trading turnover reached $701.95 million.

    Stockbroker SB Equities Inc. said “local appetite for risk assets wasn’t enough to support the constant foreign outflow, which extended to 11 sessions and the most in three weeks.”

    Sentiment continue to be “fragile amid ongoing fresh coronavirus cases and a growing assumption an economic recovery could take longer than initially anticipated,” it noted.

    Luis Limlingan, managing director at Regina Capital Development Corp., said foreign investors appear to be switching back to the US “which was seeing more signs of a recovery.”

    Most actively traded Ayala Land Inc. was down P1.30 to P27. SM Investments Corp. was up P3.50 to P840.50. SM Prime Holdings Inc. was down P0.45 to P28.05. Ayala Corp. was down P18 to P692. BDO Unibank Inc. was down P1.85 to P85.75. PLDT Inc. was down P15 to P1,450. MerryMart Consumer Corp. was up P0.21 to P3.06. Metropolitan Bank and Trust Co. was down P0.40 to P33.10. Puregold Price Club Inc. was down P0.85 to P51.05. Universal Robina Corp. was down P2.80 to P139.70.