PSE DOWN AS SECOND LINERS SOAR

The Philippine Stock Exchange (PSE) index closed lower today after opening high and coasting higher as investors sold their positions to cash their gains in a day that had second liners occupying the top four most active stocks.

Value turnover was heavy at P11.025 billion with 120 shares up, 103 down and 42 unchanged as the PSE index lost 34.69 points or 0.48 percent to 7,238.46 points, its lowest level after opening strong at 7,282.26 and rising higher by 15 points before profit taking place brought the index to its lowest level.

The top four active stocks were second liners bannered by Basic Energy, with trades of P1.26 billion as it gained 38 centavos to P1.43 billion; followed by Apollo Global, with P1.18 billion in trades, which was up 2 centavos to P0.30.

Premiere Horizon rose 3 centavos to P2.88 on trades of P633 million, while Abra Mining, which hit a price freeze of 50 percent, had value turnover of P604 million.

Net foreign selling reached P423 million on foreign buys of P2.2098 billion and foreign sells of P2.632 billion.

Jollibee Foods had the biggest net foreign selling of P80 million as it declined by P2.80 to P194.10, while PureGold, even with foreign buying of P50 million, came under selling pressure to drop by 10 centavos to P38.30.

Market bellwether SM Investments lost P26 to P1,051 while Aboitiz Power was unchanged at P1,051.

Market darling MerryMart was up 36 centavos to P7.60 while Bank of PI and BDO Unibank respectively declined by 85 centavos to P85.35 and P1 to P112.

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