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Stocks opened lower with the main index closing 1.6 percent lower in Monday trading.

The Philippine Stock Exchange index finished at 6,776.41 points down 110.33 points.

Volume reached 742.48 million shares valued at P5.26 billion. Foreigners sold P3.4 billion worth of shares compared to purchases of P3.10 billion.

The peso hit the day’s low of P49.72 against the US dollar but gained slightly to close at P49.69 at the Philippine Dealing System. On Friday, the peso closed at P49.65.

Turnover declined to $334.40 million from $602.50 million.

Meanwhile, liquor firm Emperador Inc. said it has signed an agreement to acquire the Domecq brandies and wines from French company Pernod Ricard.

In a disclosure to the Philippine Stock Exchange, Emperador said it made the transaction through Spanish company Bodega Las Copas, which the Philippine firm has a 50 percent stake.

“The transaction includes the brand portfolio of Mexican brandies Presidente, Azteca de Oro and Don Pedro, as well as the winery related to the production of Mexican wines in Ensenada, together with the relevant inventories related to the Domecq brands in several markets, including Spain, United States, Belgium and the Netherlands, among others,” Emperador Inc’s disclosure said.

“This agreement fits perfectly with the company’s strategy to reinforce its leadership in the global brandy category,” said the Emperador Inc statement.

The closing of the transaction is subject to customary conditions, including its clearance by the Mexican Anti-Trust authorities, the statement added. DMS