PSE INDEX DOWN A BIT

The Philippine Stock Exchange (PSE) index dropped a bit today and like last Monday echoed a similar upside trend in the early going before a host of selling pushed it down to 6,359.15 points, shaving 10.13 points or 0.16 percent.

Foreign selling again figured in the decline as net selling amounted to P371 million on foreign buying of P1.329 billion, and foreign selling of P1.701 billion with the value turnover a low P4.632 billion.

Ayala Land was the most active stock with P566 million in trade, of which foreign selling hit P110 million. It ended the day 45 centavos down to P31.85, though having a high of P32.45 after opening at P31.85.

This early rise in the price of blue chips and their subsequent downward trend were notable all through the trading where losers were almost triple the gainers, 149 to 57 while 43 shares went unchanged.

The financials were the lone gainer as Bank of PI, BDO Unibank, and Metrobank ended with higher prices.

Local support for the stocks prevailed for banks such as Metrobank, which rose by 5 centavos to P45.05, even with foreign selling of P97 million out of its P149 million trade.

BDO and BPI respectively rose by P1.10 to P104.80 and 25 centavos to P82.25.

ICTSI, which had foreign buying of P30 million went up by 80 centavos to P130.10 while SM Prime lost 10 centavos to P34.20.

Market bellwether SM Investments was unchanged at P960 but opened at P965 hit a high of P968 and dropped to a low of P957.50 before closing a fluctuation higher.

Converge also mirrored the Monday up-early-down-later routine as it closed unchanged having a volatile run of a high of P19.56 and a low of P18.50. Dito CME lost 34 centavos to P9.63, while Globe went down by P5 to P1,825. PNB declined by PP1.60 to P28.40, while Megaworld closed.8 centavos lower to P3.06.

WEEKLY FEATURE : TRUEMONEY PHILIPPINES BUCKS THE COVID-19 CHALLENGE