PSE INDEX DOWN AGAIN ON FOREIGN SELLING

The Philippine Stock Exchange (PSE) index today lost more than what it gained yesterday as foreign sell-down continued, closing 61.03 points or 0.94 percent to 6,439.39 points, although it had a brief rally in early trading and succumbed to foreign selling with the index ending the day at its lowest point.

Only the services sector managed to end up closing higher by 0.85 percent, but all other sub-indices posted losses, with the property sector continuing its creeping decline losing 2.10 percent, while the holding firms dropped by 1.02 percent.

The mining and oil sub-sector keeled over due to profit-taking and lost 0.75 percent while financials and industrials declined respectively by 0.63 percent and 0.16 percent.

Net foreign selling amounted to a hefty P724 million as the country continues to grapple with the economic costs of the pandemic, with foreign buying amounting to P1.917 billion and foreign selling at P2.642 billion.

Ayala Land was the most active stock as it lost 5 centavos to P33, with foreign selling of P239 million out of its total trade of P598.5 million.

Another property firm, SM Prime lost P1.45 to P34.80 with foreign selling hitting P123 million out of its total trade of P181 million.

Total trade amounted to P5.371 billion with 108 gainers, 92 losers, and 52 issues unchanged, with PLDT posting a 4.52 percent increase or P56 to close at P1,296 as it benefitted from foreign buying of P65 million, the top stock bought by foreign investors.

Converge also went up 10 centavos to P19.10 with foreign buying of P22 million, while Megaworld posted a loss of 4 centavos to P3.20 though it had foreign buying of P12 million.

ICTSI and Metrobank were both unchanged with the former closing at P130 on trade of P292 million and the latter at P45 on trade of P101 million.

Century Pacific closed higher by 25 centavos to P21, while Globe also ended higher at P1,866, up by P2 with total trades of P112 million.

WEEKLY FEATURE : TRUEMONEY PHILIPPINES BUCKS THE COVID-19 CHALLENGE