PSE Index Declines On Late Selling

The Philippine Stock Exchange (PSE) index declined below a milestone level as late selling amounting to almost P2 billion took place 29 minutes before the close resulting in a decline of 85.29 points or 1.27 points to 6,633.22 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, August 20, 2021

Late selling hit all sectors leading to higher declines as the market was poised to just a slight decline of 4.51 points or 0.07 percent at 6,714. points before a huge selling of P1.9 billion hit the blue chips to see the index thundering below its 6,700 point milestone level. That level was pierced yesterday and technicals see a further upsurge should the index continued.

Value turnover amounted to P6.304 billion from just P4.5 billion going into the last 29 minutes of trade. There were 113 gainers though, while there were 78 losers and 47 shares unchanged.

Hit hard was the holding firms sector as it dropped by 1.63 percent as Ayala Corp. lost P14.50 to P34,70, The property sector was also hard hit, going down by 1.27 percent as Ayala Land was shaved by 5 centavos to P34.70 while SM Prime declined by a bigger 95 centavos to P33.75.

The financials were down by 1.27 percent, the services by 0.50 percent, mining and oil by 0.60 percent, and industrials by 0.62 percent. Emperador went down on profit-taking to P16.80, a loss of 20 centavos, while Converge emerged P1.45 higher to P29.40 as it emerged as the most active stock with P311 million.

Globe rose by P54 to P2,156, PLDT declined by P9 to P1,249, while Alliance Global was unchanged at P10.60. The other gainers were Monde, which rose by 40 centavos to P16.80, and Ayala energy which closed at 8.95, up by 39 centavos.

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