PSE DECLINES ON PROFIT-TAKING

The Philippine Stock Exchange (PSE) declined today after an early-morning surge that took the index higher than its Friday close as profit takers locked in their gains resulting in a big drop that was later recovered for the index to post a loss of 51.83 points or 0.74 percent to 6,918.05 points.

But even with the decline, the bullish sentiment remained as the gainers upended the losers, 119 to 109 with 30 shares unchanged on value turnover of P8.767 billion as investors were perked up by the inviting prices of shares that they considered due for bigger gains. The net foreign selling, amounting to P1 billion, also dampened the early surge.

Net foreign buying amounted to P2.968 billion with PureGold getting P129 million as it went up by 90 centavos to P43.90, Converge with P33 million as it rose by 14 centavos to P15.24; Alliance Global, with P23 million as gained 29 centavos to P15.24.

The net foreign stocks sold, which totalled P3.971 billion, included BDO Unibank, P220 million, with its share price dropping by 40 centavos to P83; market bellwether SM Investment, P148 million, with price down by P15 to P1,015; Robinson's Land, P108 million, with its price losing 30 centavos to PP15.20; Jollibee Foods, P57 million, declining by P3 to P190.20.

But Bank of PI, although with foreign selling of P80 million, however bucked the trend as the locals' purchases lifted the stock to P83, up by P1.30 and emerged the top traded stock with transactions of P482.5 million. The other gainers included Ayala's energy firm, which was up by 11 centavos to P4.29; PH Resorts up 34 centavos to P3.12 and market darling MerryMart which closed at P4.83, up by 40 centavos.