PSE DOWN ON PROFIT TAKING

The Philippine Stock Exchange (PSE) index was again thwarted today in its surge to a new high as profit-taking took hold, with the foreigners cashing in their gains, even as the number of traded issues continued to rise, indicating a sustained interest in the market to close the week's trading 25.22 points down or 0.35 percent to 7,272.80 points.

Net foreign selling amounted to a huge P1.1 billion of the total trade of P11.875 billion, with some shares bucking the selling mode by their foreign investors like top active stock SM Prime, whose shares rose by 5 centavos to P37.90 even with net foreign selling of P85 million out of the value turnover of P1.385 billion. Second top traded Ayala Corp., though lost P14 to P826 as its net foreign selling stood at P134 million out of its trades of P823 million.

The financials took the brunt of the selling mode, losing 1.16 percent, together with property, down by 0.25 percent and holding firms, 0.65 percent, in trading that saw identical gainers and losers at 110 shares with 50 shares unchanged. Many of the second liners enjoyed trades ever since the so-called Christmas rally started, so called because the stock market usually surges during the Yuletide season.

Metrobank declined by 20 centavos to P49.60, while Bank of PI lost 10 centavos to P82.70, and BDO Unibank declined by P2.90 to P112 on account of the net foreign selling in their respective shares. BPI foreign sales reached P38 million; BDO, P114 million and Metrobank, P157 million. The said shares have gone up in price from a month ago, thus foreigners were cashing in their profits.

Market bellwether SM Investments, which had value turnover of P556 million, went down by P29 to P1,065 hobbled by net foreign sales of P148 million while Jollibee Foods, with net foreign selling of P55 million, had its shares down by P2.20 to P204.

Telcos Globe Telecom and PLDT both rose respectively by P60 to P2,100 and P31 to P1,371, as foreigners were net buyers at P182 million for Globe and P24 million for PLDT.

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