Stock market retreats; MerryMart advances

The stock market fell Tuesday on continued profit taking along with the rest of Asia, with a run of upbeat economic data offset by fears over a spike in new virus infections.

The Philippine Stock Exchange Index declined 61.01 points, or 1 percent, to 6,267.40 on a value turnover of P7.6 billion. Gainers, however, edged losers, 99 to 96, with 47 issues unchanged.

SM Prime Holdings Inc. of the Sy Group dropped 3.7 percent to P31.50, while Globe Telecom Inc., the second-biggest telecommunications firm, slid 3.6 percent to P2,062.

MerryMart Consumer Corp., the fast-rising supermarket chain owned by businessman Edgar Sia II, however, surged 6.8 percent to P3.13, while Emperador Inc., the liquor unit of tycoon Andrew Tan, rose 2.3 percent to P7.98.

The rest of Asian markets mostly fell Tuesday as traders took a step back after their latest rally.

In afternoon trade Hong Kong shed 0.5 percent, having climbed more than eight percent over the previous four trading days, while Tokyo, Seoul, Singapore and Taipei were also in negative territory.

Sydney, Mumbai and Jakarta were flat. With AFP