PSE DOWN ON MONEY LAUNDERING TAG

The Philippine Stock Exchange (PSE) index declined today over the money laundering tag on the Philippines that unnerved foreign investors 54.74 points or 0.79 percent drop to 6,901.91 points.

Net foreign selling amounted to a hefty P730 million that hit the property, holding firms, and financials and overwhelmed the small gains in the industrials sub-index, up 0.03 percent, services, up 0.50 percent, and mining and oil index, up 0.92 percent.

Property behemoths SM Prime and Ayala Land were affected by foreign selling of P133 million and P125 million, respectively, with the former losing 3.18 percent or P1.20 to close at 36.50. The latter was down by 10 centavos to P36.05 as local support took the sting from the foreign selling to emerge the most active stock with P497 million in trade.

Jollibee Foods also had foreign selling of P62 million, but local support led to its unchanged closing price at P213.80.

Monde Nissin continued to rise, closing at P16.52, a new high, up by 48 centavos on trades of P495 million. BDO Unibank went down by P1.80 to close at P113.20, while Security Bank lost 10 centavos to P118.

Value turnover amounted to P6.377 billion with 94 gainers, 109 losers, and 47 shares unchanged. Foreign selling amounted to P2.78 billion and foreign buying at P2.05 billion.

Market analysts said that foreign investors are concerned about the inclusion of the Philippines in the gray list of countries with money laundering issues.

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