Stocks retreat ahead of quarantine report

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    Share prices ended lower Monday as investors took profits ahead of the government’s decision whether or not to keep Manila’s current quarantine measure starting March 1.

    The Philippine Stock Exchange index was down 116.07 points to 6,810.34, a 1.68 percent drop.

    The broader all shares index was down 43.77 points to 4,155.23, a 1.04 percent drop.

    Losers edged gainers 116 to 96 with 44 stocks unchanged. Trading turnover reached P8.5 billion.

    The peso closed at 48.70 to the dollar, down from 48.452 on Friday.

    The currency opened at 48.44 and hit a high of 48.43 and a low of 48.70. Trading turnover reached $1.29 billion.

    “Investors chose to take cautious stance as the possibility of keeping GCQ (general community quarantine) in some areas of the country remains amid the continuous rise in COVID-19 cases together with threats coming from the UK variant’s spread and even new mutations,” said Philstocks Financial Corp.

    “Foreign funds also continued to exit the country amid the rising bond yields in the US and the depreciation of the local currency,” it added.

    Most actively traded Premiere Horizon Alliance Corp. was up P0.26 to P3.16. Dito CME Holdings Corp. was up P0.18 to P18.12. Ayala Corp. was down P37 to P760. SM

    Investments Corp. was down P31 to P1,034. AC Energy Corp. was down P0.19 to P7.61.

    BDO Unibank Inc. was down P2.50 to P106. Basic Energy Corp. was down P0.06 to P1.21.

    PLDT Inc. was down P40 to P1,305. Converge Information and Communication Technology Solutions Inc. was down P0.20 to P18.