PSE DROPS FURTHER

The Philippine Stock Exchange (PSE) declined further today with foreign investors selling in a preview of the debacle the local market is facing as the ABS CBN's closure plays out.

With the respected foreign media citing the supposed lack of media freedom with the broadcast giant's closure, foreign investors have taken notice and are selling their positions.

There was a net selling of P393 million in today's transactions that saw the index near to slipping down an important 6,000 point milestone , closing at 6,064.26 points down by 72.95 points or 1.17 percent.

Trading was light at P4.501 billion with SM Prime down 10 centavos to P30.90 with value turnover at P757.47 million, the top traded stock. Ayala Corp also lost P19 to close at P746, among the 105 losers as against 89 gainers and 35 issues unchanged.

Jollibee also lost P4.70 to finish at P130 while Merry Mart , back in the top active stocks, traded lower by 10 centavos to P2.36 in what market pundits say is a crawling downward spiral.

Telecom stocks PLDT and Globe Telecom went up respectively by P4 and P20 to close at P1,349 and P2,111.

Other notable trades were BDO which rose by 70 centavos , BPI which lost a peso , Megaworld which went up by 2 centavos, Nickel Asia up by 14 centavos, and Metrobank which declined by 50 centavos.