PSE DOWN A BIT
The Philippine Stock Exchange (PSE) declined a bit today losing 30.45 points or 0.51 percent to 5,902.39 points after selling pressure hit the market in volatile trade that saw the index hitting a high of 5,973.59 points before diving down to its close which is its lowest level.
Market bellwether SM Investments mirrored the performance of the market, hitting a high of P899 and dived to a low of P864 before closing at P880, in see-saw trade with value turnover of P1.79 billion, of which P1.2 billion was transacted via a cross sale to emerge as the top active stock.
There was net foreign buying that was recorded in today’s trade amounting to P421 million although if the SM cross sale is treated as foreign selling, then the net buying would be altered to a net foreign selling of P779 million.
Foreign investors have been selling down SM Investments, BDO Unibank, Ayala Land, GT Cap and Metrobank shares, among others, most of trading days for the last two months that show the negative sentiment in the local market with the lack of positive economic news and the continued upsurge in COVID-19 cases.
Value turnover amounted to P5.95 billion with foreign buying of P3.03billion that include the block sale of SM Investments of P1.2 billion and foreign selling of P2.61 billion with gainers leading the losers, 101 to 85 with 53 shares unchanged.
The financials, mining and oil and property sectors were up while the holding firms, industrials and services were down. Leading the charge in the financials was PNB which topped the gainers’ column with a 15.31 percent rise as it closed at its high level of P22.90, up by P3.04.
BDO Unibank also rose by 75 centavos to P92 while Metrobank lost 5 centavos and in the telco sector, PLDT went up by P2 to close at P1,448 while Globe Telecom posted a loss of P52 to end the day at P2,080.
Market darling MerryMart was also down by 4 centavos to P2,97 on thin volume of P31 million. The other blue chips’ performance were mixed with Ayala Land up 25 centavos to P30; SM Prime, down 5 centavos to P28.25; Ayala Corp., down P16 to P700; GTCap, down P2 to P402.80 and Jollibee Foods, down 80 centavos to P136.
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