PSE DOWN ON SELLING WAVE

The Philippine Stock Exchange (PSE) buckled under selling pressure to drop by 1.73 percent to 6,188.83 points just minutes after opening on an optimistic note for want of clear business signal for a recovery.

PSE's index marched to another gain today hitting a high of 6,306.21 points before a selling wave hit the market cascading down to a big drop to its lowest point which was it's closing performance.

The property, financials and industrial sectors went down significantly with the property index showing the biggest loss at 3.60 percent. 

Many investors though did not join the selling frenzy resulting in a low value turnover of P6.64 billion with 83 gainers against 121 losers and 33 shares unchanged.

Market darling Merry Mart lost 5 percent to P3.52 or down by 19 centavos though it remained among the most active stock with value turnover of P469.35 million behind Ayala Land which declined by P2.25 to P34.05 on transactions of P596.21 million and Emperador which rose by 4 centavos on trade of P576.33 million.

The three telco stocks posted losses . Globe went down by P46, PLDT by P37 and Dito by 11 centavos. 

Among the gainers were Holcim , up by 10.48% and Megawide, up by 14.22% and Alliance Global which rose by 0.71 percent.

The market is now awaiting a clear signal for an eventual revival of the economy given the rising rate of infections and the looming hard lockdown in Central Visayas.