Stricter GCQ dampens stocks

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    Share prices ended lower Wednesday as investors took to profit taking.

    The Philippine Stock Exchange index was down 114.33 points to 6,042.12, a 1.86 percent drop.

    The broader all shares index was down 44.42 points to 3,591.36, a 1.22 percent drop.

    Losers edged gainers 95 to 92 with 42 stocks unchanged. Trading turnover reached P546 billion.

    The peso closed at 48.575 to the dollar.

    The currency opened at 48.61, an intraday low and hit a high of 48.525. Trading turnover reached $794.5 million.

    “Philippine shares fell on Wednesday as optimism over a return to the less stringent ‘GCQ’ (general community quarantine) lockdown provisions in the

    National Capital Region dissipated over news it would be a strict implementation, including ongoing curfews, while the Palace noted that Metro Manila had ‘a long way to go’ to shift to an even less restrictive ‘MGCQ’ (modified general community quarantine),” said stockbroker SB Equities Inc.

    “With risk-appetite also dampened by concerns over the US-China trade pact while awaiting the central bank’s monetary policy decision on Thursday wherein rates were expected to be kept on hold, the lack of positive drivers saw profit taking quickly accelerate,” it added.

    Most actively traded SM Investments Corp. was down P10 to P900. Axelum Resources Corp. was up P0.12 to P2.48. SM Prime Holdings Inc. was down P1 to P31. Ayala Land Inc. was down P1 to P31.85. International Container Terminal Services Inc. was down P1.90 to P108.10. Puregold Price Club Inc. was up P1.30 to P51.90. BDO Unibank Inc. was down P0.15 to P91.80. Bank of the Philippine Islands was down P3.20 to P62.50. Ayala Corp. was down P27 to P735.