PSE DOWN ON PROFIT-TAKING
The Philippine Stock Exchange (PSE) index declined today on profit-taking, but not after enjoying a big run-up after a higher opening bell rally closing 100 points less than its high at 7,108.67 points, down by 69.95 points or 0.97 percent with second liners nudged up as investors snapped lower-priced stocks.
All the counters were in the red except for the property sector as the value turnover signified the bullish sentiments with trades of P12.947 billion with 101 gainers against 134 losers and 40 shares unchanged on a day where net foreign selling amounted to P621 million.
Market bellwether SM Investments led the losers with a P25 drop in value to P1,030 as foreigners dumped P167 million in net foreign selling while Ayala Land and Robinson’s Land spearheaded the property’s advance with similar rises of 30 centavos to close at P39 and P18 respectively.
Dito lost 7 centavos to close at P6.25, while Globe went down by P46 to P2,002, and PLDT declined by P38 to P1,342. Converge was not able to sustain its rally closing 64 centavos to P15.98, while Now also dropped by 27 centavos to P4.25.
Global Ferronickel was the day’s most active stock with trades of P1.52 billion as it went up by 8.47 percent or 16 centavos to P2.05, while another second liner, Basic Petroleum saw its stock go up by P0.073 to P0.315, posting the biggest gainer with 30.17 percent.
BDO Unibank was the second most active with value turnover of P1.09 billion as its shares went up by P1.50 to P108.90, while Bank of PI, the third most active with P614 million, posted a loss of P1.10 to P87.50. Security Bank went down by 50 centavos to P122.
Market darling MerryMart went up by 13.22 percent to P6.25, an increase of P0.73, while food giant Jollibee Foods lost P3 to P190 as foreigners, with net foreign selling of P92 million, cashed in their gains.