PSE IN MARGINAL DECLINE AS TRADE HIT P27B

The Philippine Stock Exchange (PSE) today had a hefty value turnover of P27.77 billion though it posted a marginal decline on late selling 15 minutes before the shortened trade to finish with 11.22 points down or 0.16 percent to 7,024.26 points.

Foreign investors were net buyers at P1.991 billion, as the perceived bullish run manifested itself after a sharp decline in the opening and a loss of more than 60 points after hitting a high of 7,079.18 points in mid-trade.

Today's transactions is almost four times its average daily turnover as foreign buying hit P18 699 billion and foreign selling amounted to P16.70 billion with the financials spearheading the gains in the sub sectors at 1.65 percent. The other gainers were industrials at 1.20 percent, mining and oil at 1.29 percent and property at 0.60 percent. The holding firms sector was down by 1.63 percent while the services lost 0.13 percent.

Top active stock was BDO Unibank, which together with Bank of PI, Ayala Land and market bellwether SM Investments traded more than P1 billion each. BDO had trades of P1.69 billion as it lost P1.20 to close at P94.30. But the financials were saved by BPI, the second most active with P1.31 billion in trade, as it rose by P3.35 to P84.35. Ayala Land had trade of P1.06 billion as it went up 65 centavos to P38.30.

Market bellwether SM Investments declined by P51 to P1,049 while Dito gained 42 centavos to P6.30 after it resumed trading. Yesterday, the stock was suspended by the PSE for investors to digest its disclosure about its corporate makeover.

Globe Telecom gained P10 to P2,040 while PLDT lost P23 to P1,402 as investors tried to make decisions based on their perceptions of the listed shares' performance. Converge rose by 24 centavos to P15.10 but still is far off from its IPO price of P16.80. Jollibee went down as investors cashed their gains for its huge rise from a low of P130s. It declined by P3.70 to P196.50.

Ayala Land had the biggest net foreign buying share accounting for P621 million followed by SM Prime with P336 million which was unchanged at P38.30. The other foreign buys were BDO, P214 million; Ayala Corp, up by P30 to P870 with P162 million; Bank of PI with P105 million; GT Capital, up by P30.50 to P560, with P151 million; Security Bank, up by P2.10 to P107 and Megaworld, up  18 centavos to P3.63, with P137 million.

The net foreign selling stocks were Eagle Cement with P79 million but which gained 6 centavos to P16.10; Megawide which went up by 56 centavos to P8, with P73 million in selling as foreign investors looked at the report on its capability to undertake the Manila International Airport rehab; and Jollibee, with P59 million.