• By The Financial District


With net foreign selling of P1.08 billion today, the Philippine Stock Exchange (PSE) keeled over dropping below the psychological level of 6,000 points, closing 142.32 points lower or 2.37 percent ,to 5,860.94 points.

That drop had been anticipated with the perception from foreign media that press freedom had been sacrificed with the closure of broadcast giant ABS-CBN coupled with the alarming rise in coronavirus cases in the country

The financial sector posted the biggest losses in the PSE sub-indexes as foreigners dumped their shares of stock in Philippine banks . The financial sector went down by a bigger 4.29 percent loss as investors see a worsening balance sheet of the banking system with the effects of the pandemic on loan payments.

Foreign investors sold P160 million worth of shares in Metrobank, P86 million in BDO Unibank and P54 million in BPI. The other shares which foreigners dumped were SM Investments, P86 million , Robinson’s Retail, P85 million, Ayala Corp., P65 million and Ayala Land, P64 million.

Total foreign selling amounted to P1.84 billion and total foreign buying was P824 million in light trading of P3.93 billion with 72 gainers, 123 losers and 48 shares unchanged.

Market darling Merry Mart showed its sizzle anew , topping the most active stock listing as it gained 16 centavos to close at P2.46 on value turnover of P248 million. Metrobank lost P1.75 to P34.30, Bank of PI, down P4.50 to P65 while BDO lost P3.05 to P90.