PSE Down Some More

The Philippine Stock Exchange (PSE) index today posted a hefty decline on the rise in US interest rates that had foreign investors reallotting their assets leading to a 118.74 points or 1.72 percent decline to 6, 795.13 points.

Net foreign selling amounted to P1.029 billion on foreign buying of P1.836 billion while foreign selling hit P 2.865 billion. Value turnover amounted to P5.758 billion with 66 gainers, 125 losers, and 51 shares unchanged.

Ayala Land and SM Prime dropped 3.52 percent and 1.51 percent down respectively resulting in a big drop in the property sub-index by 2.26 percent, the biggest loser. All other sub-indices were down as investors opted to park their money in the US.

Holding firms were down by 2.01 percent, industrials by 0.92 percent, financials, by 1.56 percent, services by 0.04 percent, and mining and oil by 1.20 percent. Ayala Corp emerged as the most active stock as it shaved share prices by P10 to P790 with trades of P318 million, of which P87 million were foreign buying.

Market bellwether SM Investments lost 2.35 percent or P29 to P990, while Ayala energy declined by 5 centavos to P8.80 and PLDT was unchanged at P 1,290.

Finally, there was a block sale of Ayala Land worth P886 million.

WEEKLY FEATURE : PAL READY TO SOAR WITH PANDEMIC