PSE Index Declines Further

The Philippine Stock Exchange (PSE) index today declined some more with net foreign selling reaching more than half a billion as the impact of the pandemic on the economy resonated among investors, to close below another psychological level at 6,727.93 points, down by 107.48 points or 1.57 percent.

With poverty levels up, government debts high and anti-money laundering issues hounding the country, net foreign selling amounted to P551 million, with the sub-indices down, save for mining and oil, which gained 0.91 percent.

The services sub-sector lost 1.50 percent, holding firms, 1.84 percent, financials 1.44 percent, industrials, 1.02 percent, and property, 1.006 percent.

Value turnover remained tepid at P4.888 billion with foreign buying hitting P1.867 billion and foreign selling, higher at P2.419 billion.

There were 70 gainers, 121 losers, and 57 shares unchanged, with second liner Ayala Energy topping the most active stock as it rose by 4 centavos to P8.80 with trades of P386 million.

Another second liner, Vulcan exploded with a 3.96 percent rise to P2.36, up 9 centavos with trades of P206 million.

Property giants SM Prime and Ayala Land posted respective losses of 30 centavos to P34.75 and 45 centavos to P3550 while LT Group posted a gain of 10 centavos to close at P11.10, even with a foreign selling of P171 million out of its total trade of P236 million.

Market bellwether SM Investments declined by P20 to P990 while Globe Telecom and PLDT respectively closed at P1,933, down by P41 and P1,260, down by P6.

Jollibee Foods was unchanged at P209.60 while Semirara Mining rose by 2.81 percent or 48 centavos to P17.58 to push up the mining sub-sector. The other gainers were Monde Nissin, up 6 centavos to P10.40, and Oriental Petroleum, the top gainer, at P0.013, up by P0.001.

Among the big losers were Aboitiz Power, down P1.30 to P40, and Ayala Corp, down P16 to P774.

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