PSE DECLINES IN LOW TRADE
The Philippine Stock Exchange (PSE) today declined in low trade and appeared headed towards the doldrums as net foreign selling continued to rear its ugly head.
PSE's index went down by 46.92 points or 0.80 percent to 5,848.80 points after a strong opening. Value turnover amounted to just 4.051 billion with gainers at 76, losers at 120 and unchanged at 31 shares.
The strong opening benefitted market darling Merry Mart which catapulted to a high of P3.34 after opening at P3.20. Profit takers came in dropping it's share price to a low of P3.12 before closing at P3.13, a loss of 01 centavo.
That opening salvo put Merry Mart at the top of the active stocks to P395 million. Market bellwether SM Investments also opened high at P884.50 before going down with the others hitting a low of P865 before closing 5 higher at P872 for a loss of P13 .
Net foreign selling hit P292 million with foreign buying amounting to P1.465 billion and foreign selling at P1.757 billion. Included in the foreign buying was a cross transaction of P201 million of SM Prime. The issue faltered though closing 65 centavos lower to P28.35.
Metrobank gained 40 centavos to close at P36.50 helped by foreign buying of P23 million while Bank of PI was undented by selling of P54 million to close higher by 5 centavos to P64.10.
Ayala Land closed 15 centavos higher to P29.25 while PLDT was down by P15 to P1,370. Now lost 3 centavos to P3.07.
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