Stocks retreat on string of negative news

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    Share prices ended mixed Tuesday as investors were on the watch for a number of negative news dragging the market.

    The Philippine Stock Exchange index was up 9.91 points to 6,766.83, a 0.15 percent hike.
    The broader all shares index was down 4.45 points to 4,074.95, a 0.11 percent drop.

    Gainers edged losers 131 to 83 with 48 stocks unchanged. Trading turnover reached P19.02 billion, including a P9.93 billion special block sale in PLDT Inc.

    Foreign funds were net sellers of P10.55 billion.

    The peso closed at 48.48 to the dollar, up from 48.561 on Monday.

    The currency opened at 48.655, hit a high of 48.47 and a low of 48.67. Trading turnover reached $890.25 million.

    Luis Limlingan, managing director at Regina Capital and Development Corp., said “a number of events kept investors on the sidelines.”

    “Investors are still digesting the news (of) the US Senate pass(ing) a $1.9-trillion COVID-19 relief package, underlining a stock market rotation driven by the rising US treasury yields. Tuesday morning, Phivolcs raised the alert level status of Taal Volcano from level 1 (low level of unrest) to level 2 (increasing unrest), which advises the public against going to the direction of the volcano,” Limlingan said.

    “In addition, for the fourth day in a row, new COVID-19 patients topped 3,000 as the country reported spikes in cases in several areas especially within Metro Manila,” he added.

    Limlingan said adding to risk aversion is the surge in oil prices to past the $70- level after Saudi Arabia announced its oil facilities were targeted by drones.

    “This is a level it hasn’t seen in 14 months. Brent crude rose by 2.9 percent to $71.38/barrel. Likewise, the West Texas Intermediate (WTI) oil added 2.9 percent to $67.98/barrel,” he said.

    Most actively traded Dito CME Holdings Corp. was down P1.90 to P12. Universal Robina Corp. was up P2.80 to P129.90. Apollo Global Capital Inc. was down P0.013 to P0.210.

    Premier Horizon Alliance Corp. was down P0.01 to P2.39. MerryMart Consumer Corp. was down P0.18 to P5.01. BDO Unibank Inc. was up P2.90 to P108.90. International Container Terminal Services Inc. was up P2.30 to P127.60. Ayala Land Inc. was down P0.75 to P37.

    AC Energy Corp. was down P0.21 to P6.55. Metropolitan Bank and Trust Co. was down P0.70 to P48.