The Philippine Stock Exchange (PSE) today below its 6,200-point support level in a massive decline of 312.42 points or 4.82% to close at 6,163 points with the property, financials and holding firms sectors showing huge drops in their indices.

Investors dumped their shareholdings at the start of trading and went down to a dizzying height as most of the blue chips were in negative territory. The PSE index opened at its high of 6,340.32 points and from there never looked back and closed at its lowest point at the end of trading day.

The local stocks apparently took their cue from that of the US market with the DOW futures signaling a decline in off-market season after a market climb that dumbfounded market analysts as the shares of companies headed to bankruptcy proceedings eked out huge gains.

Losers overwhelmed gainers four to one with total transactions of P7.76 billion, of which P5.37 billion were blue chips. There were a total of 19 gainers against 178 losers and 29 issues unchanged.

The successful IPO of Merry Mart provided a welcome relief to the battering of the local shares with the financials down by 5.60%, property by 5.72% and the holding firms sector losing 4.71%.

Ayala Land, which was the top active share lost P1.60 to close at P35.80 or 4.28% on total trade of P477.98 million while BDO Unibank declined by P6 to P99 or down 5.71% on value turnover of P416 million while Emperador lost 42 centavos to close at P7.90 with trade of P380.2 million.

Merry Mart was the fourth top active stock with P369 million in trade, while the other losers Jollibee Foods, SM Prime, SM Investments, ICTSI and PLDT.

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