PSE DOWN ON VAX DELAY

The Philippine Stock Exchange (PSE) index declined today on the delay in the delivery of COVID-19 vaccines, set to arrive by October yet dampening the enthusiasm that greeted the stock market last week to close 24.21 points lower or 0.35 percent to 6,827.17 points.

Opening weak, the market breadth was not as wide as last week’s with the losing shares more than double the gainers, 138 to 64 with 50 shares unchanged. That decline in the index arose even with net foreign buying of P238 million, considered unusual under the circumstances.

Foreign buying amounted to P2.082 billion while foreign selling hit P1.844 billion with SM Prime emerging as the most active stock with trades of P980.8 million with its shares up by 55 centavos to P36.55.

Another property stock, Ayala Land, also posted a 50 centavo gain to close at P36.50 to lead the lone gainer among the sub-indices, pushing the property sub-index higher by 1.18 percent.

The holding firms posted the biggest loss with 1.39 percent as Ayala Corp declined by P5 to P795 and market bellwether SM Investments, which had foreign selling of P47 million, went down by P16 to P984.

The other losers were financials, down just by 0.06 percent, thanks to the rise in BDO Unibank of P1.30 to P114.40, on the back of foreign buying of P46 million.

Industrials lost 0.48 percent, mining and oil, 1.16 percent, and services, by 0.48 percent in a day that had a value turnover of P5.858 billion.

Bank of PI lost 25 centavos to P87.75 while Security Bank went down by P2.50 to P120. Jollibee Foods rose by P1.60 to P202.20, while Ayala Energy went down on profit-taking by 10 centavos to P8.40. Market analysts said that the announcement of the arrival of 40 million Pfizer vaccines, considered good news, did not however perk up the market as the arrival of the vaccine is still four months on the horizon.

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