PSE DROPS FURTHER

The Philippine Stock Exchange (PSE) declined further today as Converge recovers in light trading with the decliners swamping the gainers and the index hitting 6,249.39 points, down 128.40 points or 2.01 percent.

All subsectors were in the red as the losers reached 147 shares against gainers of just 58 issues with 52 shares unchanged. The second biggest subsector loser was the financials with a decline of 2.43 percent as the banks posted losses.

Bank of PI was down by P1.50 to P72 while BDO Unibank lost P3 to P89. Security Bank declined by P2.40 to P96.50 while Metrobank lost P1.30 to P41.70 .The negative sentiment was evident in the Top 20 active stocks as only three issues posted gains, namely Dito, the top traded stock with turnover of P650 million, Converge, and SM Prime .

Market punters said that Converge, which disheartened many investors with its IPO performance , is now with strong hands from weak hands as it gained P1.24 to close at P15.16 while top active stock Dito went up 15 centavos to P6.77 while SM Prime was up by 30 centavos to P32.80.

Market bellwether SM Investments was down by P15 to 950, while PLDT and Jollibee Foods respectively lost P31 and P2.00. Ayala Land was down by P1.65, while Ayala Corp dropped by P15 in light trade of just P6.65 billion. 

The mining and oil sector was the biggest loser with a decline of 2.61 percent, while the services sector lost 2.10 percent. The industrial and property sector's respectively declined by 1.81 per cent and 1.61 percent.

Net foreign selling was big at P942 million on foreign buying of P1.761 billion and foreign selling of P2.704 billion. Converge benefitted from net foreign buying of P58 million while BPI had selling of P84 million and PLDT, P97 million.