PSE BUCKLES ON SELL-DOWN
The Philippine Stock Exchange (PSE) today buckled under a selling pressure, again from the foreign investors, opening high and closing at its lowest level in thin trade.
Selling began after the shares opened high but gravitated lower and lower until it closed at its lowest level at 5,933.84 points, down 101.19 points or 1.68 per cent.
There were 73 gainers and 118 losers with 48 shares unchanged on thin trade of P5.104 billion. Most of the blue chips also traded higher at the start and then slipped at the close.
Market bellwether SM Investments' trading performance showed the market's dismal performance. The issue, which was most active stock with P792 million in trade, opened p18 pesos lower and then dipped some more by another p35 before closing P21 lower to P887 million.
Ayala Land opened at its high of P30.45, dropped to a low of P29.65 before closing at P29.65, down a big P1.15 or 3.72 percent.
ALI declined on net foreign selling of P51 million while SM Investments was not helped by its foreign buying of p303 million done via cross trade. Net foreign selling amounted to p2.538 while foreign buying stood at p1.995 billion for a net foreign selling of P543 million.
The selling sentiment hit much of the blue chips with SM Prime having foreign sale of p156 million, JG Summit, P117 million. JGS lost 45 centavos while SM Prime went down by 85 centavos.
Other stocks with foreign selling were Bank of PI, p75 million, Metrobank, P53 million, PureGold, P47 million and Jollibee Foods, P46 million.
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