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  • Writer's pictureBy The Financial District

Foreign Selling Pulls PSE Index Further Down Red Zone

The Philippine Stock Exchange (PSE) index today declined on foreign selling, with local investors just accounting for 3 percent of total trades in another muted trade.

Photo Insert: The Philippine Stock Exchange (PSE) Index, July 28, 2023

The possible impact of the 25 basis point rise in the US Fed rates finally dawned on the market participants, resulting in a decline of 52.66 points or 0.79 percent to 6,625.26 points.

Foreign buying and selling amounted to P2.8 billion out of total trades of P2.9 billion as local investors continued to stay on the sidelines with the rise in US rates seen to lead to more selling pressure.

The mining and oil index was the only gainer among the six sub-indices, with industrials bearing the brunt of the net foreign selling of P107 million to close lower by 1.30 percent.

Financials lost 0.97 percent with BDO Unibank down by P1.70 to P147 as net foreign selling amounted to P25 million out of the total trades of P205 million, the second most active share.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

Security Bank advanced by 25 centavos to P83 with trades of P4 million with P1.7 million in net foreign selling while Metrobank lost P1.60 to P57.70 with trades of P65 million, of which P12 million was net foreign selling.

Bank of PI was the third most active with trades of P196 million, of which P2.07 million was net foreign buying. Ayala Land emerged as the most active stock with P343 million, with net foreign buying of P76 million as it posted the lone gainer among the top 10 most active shares.

Business: Business men in suite and tie in a work meeting in the office located in the financial district.

Universal Robina towed the industrials to a hefty loss as it went down by 2.1 percent to P124.50, a loss of P2.10 as net foreign selling amounted to P30 million of P76 million in trades.

Holding firms went down by 0.45 percent, services by 0.84 percent, and property by 0.30 percent.

Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

Market bellwether SM Investments lost P4 to P918 on trades of P111.8 million, of which net foreign selling, hit P32 million, while ICTSI went down by P2 to P211 with trades of P107 million, of which net foreign buying, amounted to P6 million.

Jollibee Foods lost P7 to P252 with net foreign selling of P9 million out of trades of P89 million, while ACEN Corp lost 22 centavos to P5.33 on P27.7 in net foreign selling of its P78 million trade total.

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