PSE INDEX DECLINES FURTHER

With continued foreign selling, The Philippine Stock Exchange (PSE) index dropped further as the sell-down occurred in the latter half of the trading, resulting in a loss of 24.07 points or 0.38 percent to close at 6,258.71 points.

That close was a small recovery from its lowest point of 6,257.50 points as the PSE index appeared to weather an early weakness to rise to a high of 6,305.99 points before a selling pressure pushed it down.

Three of the sub-indices posted gains; the industrials, up by 0.21 points, services, 1.33 percent, and mining and oil index, up 1.45. percent.

The decline in the index was caused by selldown in eight blue chips that were in the financials, holding and property sectors which traded down by 0.53 points, 0.68 percent and 0.95 percent.

Net foreign selling amounted to a hefty P634 million as foreign buying hit P1.639 billion and foreign selling reached P2.227 billion.

ICTSI was the day's top traded stock with P445 million as it went up by P6.90 to P135.40 or up 5.37 percent with foreign buying of P82 million. Ayala Land was the second most active stock as it survived a foreign selling of P75 million out of its trades of P402 million in a 5-centavo rise to P32.25.

SM Prime, on the other hand, lost 70 centavos to P33.80 as foreigners sold P49 million out of its P89 million trade.

Market bellwether SM Investments lost a peso to P920 with foreign selling of P55 million out of its P224 million trade, while JG Summit declined by a hefty 2.57 percent in its closing price of P51.10, down by P1.35 as foreign investors dumped P44 million in their holdings out the total trade of P59 million.

Value turnover was below average at P4.662 billion with 104 gainers, 105 losers, and 35 shares unchanged. Market analysts said that the lack of positive news developments is hampering the rise in the index even with the fact that the stocks provide better returns than other investment destinations.

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