PHILIPPINE STOCK EXCHANGE DECLINES ON SELL-DOWN SITUATION

The Philippine Stock Exchange (PSE) today dropped by above 100 points on a sell-down mode as the most active stocks closed in the red in what punters said is a sense of the market that the business recovery in the country is a challenging one.

Adding to the local market’s woes is the sense in the US market that more companies are going to file for bankruptcy and unemployment could balloon further indicating that the Covid 19 pandemic may have far more reaching downside outlook for all economies.

The PSE index went down by 112.75 points , equivalent to 1.99 % down to finish at 5,541.95 in a downward spiral from the opening bell. Even Puregold, which is supposed to benefit from its inclusion in the MSCI index late this month, fell by the wayside like the other top traded stocks.

Banking giants BDO and BPI were the top traded stocks with value transactions of P516 million and P353 million respectively . BDO was down by 3.53 % while BPI lost 0.25%.

The other losers were Ayala Land, Universal Robina, SM Prime, SM Investments and ICTSI.

Total trade was at P4.52 billion with 103 losers, 70 gainers and 46 shares unchanged.