Stocks fall, peso up

    68

    Share prices ended lower Thursday amid risk aversion as investors took to the sidelines.

    The Philippine Stock Exchange index (PSEi) was down 45.34 points to 7,741.07, a 0.58 percent drop.

    The broader all shares index was down 24.91 points to 4,598.75, a 0.54 percent drop.

    Losers edged gainers, 113 to 76, with 50 stocks unchanged. Trading turnover reached P6.26 billion.

    The peso closed at 50.711 to the dollar, up from 50.81 on Wednesday.

    The currency opened at 50.79, its intraday low, and hit a high of 50.70. Trading turnover reached $794.1 million.

    “Philippine shares traded quietly on the downside ahead of the last BSP (Bangko Sentral ng Pilipinas) meeting and after the Fed (Federal Reserves) hinted that it will not raise interest rates next year, allaying investors’ fears that a premature policy tightening will occur again next year,” said Luis Limlingan, managing director at Regina Capital Development Corp.

    Most actively traded Metro Pacific Investment Corp. was down P0.50 to P2.69. International Container Terminal Services Inc. was up P0.90 to P121.40. Ayala Corp. was down P12 to P778. JG Summit Holdings Inc. was up P2.35 to P81.65. SM Investments Corp. was down P9 to P1,059. BDO Unibank Inc. was up P0.90 to P158.80. Ayala Land Inc. was down P0.45 to P45. SM Prime Holdings Inc. was down P1.35 to P40.60. Metropolitan Bank and Trust Co. was down P2 to P66.20.