Stocks touch 5-week low

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    Share prices ended lower Monday as investors took to overseas leads to trade the market.

    The Philippine Stock Exchange index (PSEi) was down 52.97 points or by 0.68 percent to 7,771.62.

    The broader all shares index was down 25.50 points or by 0.55 percent to 4,653.54.

    Losers edged gainers 118 to 68 with 46 stocks unchanged. Trading turnover reached P4.68 billion.

    The peso closed at 50.755 to the dollar, up from 50.80 on Friday.

    The currency at opened at 50.85, hit a high of 50.74 and a low of 50.85.  Trading turnover reached $1.2 billion.

    SB Equities Inc., said the market dropped to a “fresh six-week low” on thin trading “as cautiousness continued ahead of an expected foreign outflow in Tuesday’s MSCI rebalancing activity.”

    Haj Narvaez, BPI Securities Corp. president, investors are not following the MSCI index.

    “This is something we’d anticipated, that foreigners will have to sell because they track that index, so because of all this (series) of selling, even retail investors have sold,” he said.

    Most actively traded Ayala Land Inc. was down P0.60 to P43.90. DMCI Holdings Inc. was steady at P6.55. BDO Unibank Inc. was down P2 to P150. Ayala Corp. was down P5 to P820. SM Prime Holdings Inc. was down P0.25 to P39.20. SM Investments Corp. was up P9 to P1,075. Alliance Global Group Inc. was down P0.04 to P11.14. Jollibee Foods Corp. was down P8.80 to P186.20. Bank of the Philippine Islands was down P0.40 to P90. Metropolitan Bank and Trust Co. was down P0.40 to P68.