PSE BUCKLES UNDER SELLING PRESSURE

The Philippine Stock Exchange (PSE) today buckled under selling pressure after opening higher to close at 5,908.90 points , up 34 points or 0.58 percent.

Net foreign selling amounted to P892 million on foreign selling of P5.02 billion and foreign buying of P4.128 billion with value turnover of P7.63 billion as market punters noticed a buy-and-sell scenario from foreign investors capitalizing on share price swings.

Thus , the PSE index had wild gyrations from a low of 5,886.37 points to a high of 5,945.25 with gainers and losers both at 94 with 46 shares unchanged. 

The sub indices were even.with the financials up by 0.77 percent on the a rise in BDO Unibank, Metrobank, and the Security Bank up against the decline in Bank of PI.

BDO bucked foreign selling of P95 million to post a one peso rise to P89.00 while BPI ,on selling of P25 million , lost 5 centavos to P65.50 . Metrobank and Security Bank gained a peso each to close at P36.50 and P95 respectively.

Market bellwether SM Investments lost a hefty P33 to P872 on concern over the business uncertainty gripping the market.

The economic consequences of the Covid 19 pandemic that has ravaged several industries in the country is yet to sink in among businesses in the  economy.

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