PSE CLAWS BACK EARLY LOSSES
The Philippine Stock Exchange (PSE) today closed marginally lower but above the 6,000-point psychological level after clawing back its early losses where it hit a low of 5,962.64 on bargain hunters buying select blue chips trading lower to end the day a tad lower at 6.005.40 points, down 36.72 points.
Losers overwhelmed gainers, 131 to 64 with 46 shares unchanged with low value turnover of just P4.045 billion, of which P3.4 billion or 84 percent was accounted for by foreign investors. The locals were absent in the market due to the ghost month plus the lack of good economic news.
All counters ended in the red with foreign investors still continuing the sell down of local stocks as the economic fundamentals remained unclear especially with the huge contraction in GDP for the second quarter. Net foreign selling amounted to P357 million on foreign buying of PP1.529 billion and foreign selling of P1.887 billion.
Most of the blue chips that had net foreign selling positions closed lower with BDO Unibank going down by P2.75 or 3 percent to P89.05 as it buckled under a P150 million foreign selling. Market bellwether SM Investments, though, even with foreign buying of P435 million that was crossed at the exchange was unchanged at P900, while its sister firm, SM Prime was also similarly unchanged at P31.
Macay Holdings was the day’s top gainer with a 20 percent rise to P8.79 with transactions of P1.93 million. The company, owned by tycoon Alfred Yao, had disclosed to the PSE that it is buying for P2 billion cash ArtemisPlus Express which owns Kitchen City for its planned diversification into the food business.
In its disclosure, Macay sent the financials of Kitchen City as of end 2017 and 2018 with the 2019 financials still under process. A cursory look of the submitted financial statements show that the company lost P25.08 million in 2017 and earned P25.45 million.
Market darling MerryMart rose by 11 centavos to close at P3.25 benefitting from foreign buying clocked at P31 million, while Jollibee Foods, lost 70 centavos to P139.50 even with foreign buying of P6 million. The other losers were Ayala Land, down 50 centavos, AREIT, down 5 centavos, Dito, down by 7 centavos and ICTSI, down 10 centavos.
Bank of PI gained P1 while Metrobank lost P1.30 as ACEN, an Ayala energy firm, gained 5 centavos.