PSE DOWN A BIT
The Philippine Stock Exchange (PSE) declined slightly today but managed to stay above it's support level of 5,900 points as it closed lower by 22.11 points or 0.37 percent to 5,931.33 points.
Continued foreign selling haunted the market with blue chips being sold down posting declines resulting in net foreign selling of P613 million on foreign buying of P1.921 billion and foreign selling of P2.535 billion.
Local investors picked up the slack from blue chips that were sold down and spread their buying to second liners that resulted in 101 gainers, 89 losers and 51 shares unchanged with value turnover low at P4.88 billion.
The support level continued to be strong at above 5,900 points that market analysts see a further bias to the PSE performing sideways and just awaiting positive news to ratchet up the 6,000-point milestone.
Blue chips traded high on opening but succumbed to foreign sell- down and except for ICTSI which closed unchanged at P106.50 and Ayala REIT which posted a gain of 25 centavos to P26.05, the stocks that were sold by foreigners posted losses.
Ayala Land with foreign selling of P200 million lost 40 centavos to close at P30; BDO Unibank with P163 million, down 55 centavos to P86.95; Ayala Corp with P90 million, down P14.50 to P717.50; Metrobank with P63 million down 5 centavos to P33.85; Jollibee Foods with P41 million down by P2.50 to P138.50; PLDT with P60 million down a peso to P1400. ICTSI and AREIT had foreign sale of P63 million and P60 million respectively.
Market bellwether SM Investments was the top traded stock at P633 million as it closed higher by P6 to P633 million, of which P348 million was traded in a cross sale and included in the foreign buying count. It's sister firm, SM Prime also had a crossed sale of P146 million included in the foreign buying but it lost 55 centavos to close at P29.50.
Market darling MerryMart opened high unchanged from its Tuesday close at P3.23 but a flurry of selling shoved its share price down to a low of P3.08 which is it's closing price to lose 15 centavos. It remained one of the top 29 stocks traded actively ever since it debuted with its IPO price of P1 per share.