PSE INDEX DECLINES

The Philippine Stock Exchange (PSE) index declined below its milestone level as foreign investors were net sellers closing at 6,969.88 points, down 54.38 points or 0.77 percent.

But even with the decline market punters remained bullish as the index actually went down to as low as 6,917.07 points but it recovered as bargain hunters lifted the market.

Gainers were higher than losers, 119 to 85 with 54 shares unchanged, indicating the positive sentiment prevailing even with net foreign selling of P676 million, with value turnover at P10.772 billion.

The property and the mining and oil counters were the only gainers among the sub-sectors. The financials dropped by 1.59 percent, industrials 1.33 percent, holding firms 1.49 percent, services 0.08 percent.

Market bellwether SM Investments lost P19 to close at P1,030, while BDO Unibank, the most active stock with P983 million in trade, declined by P1.30 to P93. Ayala Land was the second most active with trades of P920 million with its share price up P1.20 to P39.50.

PLDT lost P8 to P1,394 and Globe Telecom was down by P48 to P1,992. Converge was unchanged at P15.10. Food giant Jollibee Foods went down by P3.30 to P193.20.

Only three of the Top 20 stocks were gainers indicating the swaying power of the selling by foreigners. Total foreign buying amounted to P4.649 billion while foreign selling was P5.325 billion. Ayala Land had net buys of P350 million followed by GT Capital with P48 million.