PSE CRAWLS DOWN TO ERASE GAINS
The Philippine Stock Exchange (PSE) today crawled down at the last minute to erase it's gains as it closed 5,921.55 points, down a minimal 9.78 points or 0.17 percent on a big volume on a crossed sale of market bellwether SM Investments.
SM Investments had a crossed sale transaction involving 15 million shares at P880 per share worth P13.2 billion but its share price closed lower at P873 or down P14 as foreign investors continued selling their positions. SM was the most active stock with a total trade of P13.44 billion.
The sale of SM Investments which was done through a part of the Sy empire could not be ascertained if a foreign investor sold the stock as it was done via BDO Securities which is part of the conglomerate.
Foreign investors were again net sellers as the selldown entered its second month on uncertainty gripping the economy. Foreign selling amounted to P2.629 billion as against foreign buying of P1.51 billion for a net selling of P1.114 billion. Total value turnover amounted to P17.458 billion with 98 gainers, 86 losers and 57 shares unchanged.
The financials posted a gain today even with the selldown in bank stocks indicating that local investors are taking up the slack.
BDO Unibank and Metrobank posted gains even with foreign sales of P111 million and P76 million respectively. BDO was up 10 centavos to P87.05 while Metrobank rose by 55 centavos to P34.40.
The PSE was up about 17 minutes before the close but it dropped on selling pressure. It had opened a point up from yesterday and zoomed to a high of 5,950.53 before selling begun to a low of 5,919.74 before nosing up a bit.
Market darling MerryMart mirrored the market in a way as it a bit high then went up to P3.15 before closing at P3.12, up by 4 centavos though it dropped to as low as P3.08.
Ayala Land was the second active stock with P525 million as the foreign selling of P362 million affected it's stick to close 30 centavos lower to P29.70.