Stocks fall on new restrictions in NCR

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    Share prices ended lower Monday amid risk aversion after stricter quarantine rules were imposed anew in Metro Manila and surrounding areas which contribute significantly to the economy of the country.

    The Philippine Stock Exchange index was down 40.93 points to 6,395.17, a 0.64 percent drop.

    The broader all shares index was down 21.70 points to 3,887.71, a 0.56 percent drop. Losers edged gainers 172 to 53 with 33 stocks unchanged.

    The peso closed at 48.58 to the dollar, up from Friday’s 48.62.

    The currency opened at 48.59, hit a high of 48.56 and a low of 48.63. Trading turnover reached $634.8 million.

    Japhet Tantiangco, analyst at Philstocks Financial Corp., said the market dropped primarily as a result of the implementation of tighter restrictions in the country particularly in the National Capital Region, Bulacan, Cavite, Laguna, and Rizal amid the surge in COVID-19 cases.

    “Investors reacted negatively to the new restrictions as they further limit the productive capacity of our economy,” Tantiangco said.

    Foreign funds were net sellers worth P725.41 million.

    Most actively traded Ayala Land Inc. was down P0.70 to P33.80. Dito CME Holdings Inc. was down P0.20 to P9.80. PLDT Inc. was up P25 to P1,220. SM Investments Corp. was up P2.50 to P961. SM Prime Holdings Inc. was down P0.30 to P33.95.

    Metropolitan Bank and Trust Co. was down P0.45 to P45.55. Converge Information and Communication Technology Solutions Inc. was up P0.70 to P19. BDO Unibank Inc. was up P1.40 to P103.40. AC Energy Corp. was down P0.07 to P6.99. Premier Horizon Alliance Inc. was down P0.16 to P1.97.