PSE DOWN ON SELLING PRESSURE

The Philippine Stock Exchange (PSE) today posted a decline on selling pressure after opening on a high note with the index down by 44.25 points or 0.69 % to 6,328.41 points with the financials getting a battering after a brief period of optimism at the opening.

The financials posted a big loss of 2.20 % in a market with similar trading performances for the gainers and the losers at 103 even with 43 shares unchanged on a value turnover of P6.15 billion as investors took stock of the mounting surge in the number of Covid 19 patients.

BDO Unibank opened trading higher than its Friday close while both the Metrobank and BPI stocks traded at their similar Friday levels before a slew of selling order hit the banking stocks as investors factored in the emerging losses of the banking system from the Covid 19 pandemic.

Opening P5 higher from its Friday close of P995, BDO went up to P101.70 before hitting a low of P97.50 which is its closing price while BPI and Metrobank respectively opened at their Friday close of P73.40 and P38.95 and then went down to P2.25 lower for MBT and P1.85 for BPI .

An unnamed Philippine bank sold its non-performing loans (NPLs) for $50 million and investors believe that the said bank could have taken a substantial haircut or loss on the transaction. The NPLs are said to have included credit card receivables and motor vehicle loans.

Telco stocks PLDT and Globe were up today while Dito , the third telco, closed unchanged although it traded lower until late buying led to its closing price of P3.04 on a value turnover of P492.9 million, second top gainer after that of BDO which had a value turnover of P528.9million.

PLDT closed P22 higher to P1,312 while Globe rose by P30 to P2,140.

Market darling Merry Mart lost 5.79 % to close at P2.93 while the other notable losers were Ayala Land which was down by P10 centavos while SM Investments lost P10. Megaworld was up 8 centavos to P3.26 while Emperador dropped 20 centavos to P7 .