PSE DOWN ON PROFIT TAKING

The Philippine Stock Exchange (PSE) index today declined on profit taking with five of six sub sectors down on a hefty volume to close at 7,134.18 points, down by 63.32 points or 0.88 percent.

Only the industrials bucked the selling trend with the financial posting the biggest loss at 1.88 percent as the banks dropped on selling pressure from foreign investors.

BDO Unibank and Metrobank had net foreign selling of P157 million and P32 million respectively closing P2.60 lower for the former to P102.40 and P1.40 for the latter to P46.55. Bank of PI also dropped by 30 centavos to P82.10.

Net foreign selling amounted to P80 million on foreign buys of P2.21 billion and foreign sells of P2.291 billion.

Value turnover amounted to a huge P11.33 billion with 87 gainers, 133 losers and 43 shares unchanged as Dito again topped the active stocks list with trade of P2.24 billion as it closed higher at P13.40, up by 38 centavos.

Market bellwether SM Investments dropped by P10 to P1,050, while ABS-CBN surged by 17.5 percent, posting the biggest gain to P13.70, up by P2.40 on news of a filing in Congress for a new franchise. Market darling MerryMart went down by 61 centavos to P7.38 on trades of P882 million.

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