PSE DOWN ON FOREIGN SELLING
The Philippine Stock Exchange (PSE) buckled again today under intense foreign selling although, for a while, it was just 3.1 points away from the coveted 6,000-point milestone and poised for a rebound before the selldown took its toll to close 71.59 points or 1.19 percent down to 5,946.62 points.
Tomorrow’s trade will be eagerly awaited as the ghost month ended today where a third of the total value turnover was accounted for by the locals in the P5.36 billion worth of transactions that saw 87 gainers, 97 losers and 52 shares unchanged with just the mining and oil subsector posting a rise of 0.71 percent.
The financials, industrials, holding firms, services, and property sectors posted losses as the net foreign selling amounted to a hefty P843 million on foreign buying of P1.446 billion and foreigh se lling of P2.290 billion. Most of the top traded stocks posted losses with just four of the top 20 actively traded shares closing higher.
Market bellwether SM Investments was the top traded stock at P553 million as it closed P27 lower to P9.10 for a big 2.88 percent decline. It has foreign buying of P417 million which was a cross trade made on the stock exchange. Universal Robina, with foreign sales of P260 million, was the second most traded stock at P354 million, as it closed at P137 for a loss of P4.20 or 2.97 percent.
Ayala Land and Jollibee Foods lost P50 centavos and P1.60 respectively to close at P31.45 and P133.30. Jollibee had foreign sale of P117 million. The gainers in the top 20 traded stocks were ICTSI, up P10 to P107.10; Alliance Global, up 13 cent to P7.10; and Axelum Resources, up 8 centavos to P2.43.
Banking stocks BDO Unibank, Metrobank and Bank of PI posted losses . BDO, withforeign selling of P98 million, lost P2.05 to P88 while BPI which were sold down by foreigners amounting to P32 million, went down by 5 centavos to P64.20. Metrobank lost P10 centavos to P35.75. Security Bank also declined by P1.40 to P95.
Market darling MerryMart closed unchanged at P3.03 although it hit a high of P3.09. SM Prime was also unchanged a P28.50 even with foreign selling of P154 million.
The telco stocks succumbed to selling pressure with Globe Telecom down by P12 to P2,062; PLDT down by P10 to P1,395 and Dito, down by 3 centavos to P3.61.
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