PSE DOWN ON FOREIGN SELLING
The Philippine Stock Exchange (PSE) declined today on net foreign selling amounting to P6.7 billion to close 56.56 points or 0.96 percent to 5,846.02 points with a hefty value turnover of P10.922 billion as the huge drop in the second quarter’s economic activity was priced in the stock market.
Market bellwether SM Investments lost P27.50 to close at P850.50 with transactions amounting to P599 million, behind Emperador which had a block sale worth P5.4 billion with its share price unchanged at P910. Total trade for the liquor firm hit P5.546 billion.
There was market breadth in trading with second liners shining as market punters picked bargains resulting in gainers 113 against losers at 82 and 46 shares unchanged. Many of the blue chips were down as the foreign investors continued their sell-down of selected stocks with the negative sentiments on the country’s economic health.
Mining and oil stocks, services and the industrial sectors were up while the financials, property and holding sub sector posted losses. Marcventures top-billed the mining sector posting the biggest gain of 18.82 percent .
Bank of PI, BDO Unibank and Metrobank were dumped by foreign investors with respective net foreign selling of P147 million, P133 million and P56 million respectively resulting in the decline in the financial sub index by 1.85 percent.
Puregold , Ayala Corp and PLDT also were sold down by foreign investors although PLDT posted a gain of P19 to close at P1,389 while another telco, Globe Telecom also rose by P2 to close at P2,120. Market darling Merry Mart went up by 12 centavos to P2.85 while ABS CBN gained 36 centavos to P7.65.
Other notable stocks that went up were Alliance Global, which went up by 2 centavos to P5.55; ICTSI up by P6.40 and Manila Mining, up 0.001 to P0.011.