PSE INDEX DOWN ON INVESTORS' CONCERN

Investors’ concern on the sale of unlisted shares of previously high-flying second liner stock Abra Mining and Industrial Corp. continued to hobble the stock market with the PSE index dropping 36.37 points or 0.55 percent to 6,544.63 points, as the impact of the announced PSE move to have a “white knight” for the mining stock reverberated the inability of authorities to police the ranks.

Net foreign selling also hit a high P710 million on foreign selling of P3.461 billion against foreign buying of P2.75 billion as investors continued to be worried about the lack of sanctions on Abra Mining which was suspended on the sale of unlisted stocks.

Value turnover amounted to P6.2 billion although the bargain-hunting lifted blue chips resulting in 101 gainers against 92 losers with 49 shares unchanged.

Market bellwether SM Investments lost P4 to P980 as many of the blue chips posted declines with investors unimpressed by the PSE thrust.

One market investor, Gerry Urbina, Jr. said he was perplexed by the PSE move since in other stock markets, such violations would mean having the guilty parties given sanctions that range from the filing of cases for securities fraud and “disbarment” from being directors in listed stocks.

Trading in Abra Mining was suspended by PSE when it was found out that the mining stock had unlisted shares sold.

The stock was the subject of frenzied trading and accounted for a tenth of trading two days before the suspension. It went up more than 279 percent and was one of the most traded stocks in 2021.

Ayala Land was the most active stock with trades of P607 million as it lost 5 centavos to P35 with foreign selling of P79 million while DDMPR also posted a centavo decline to close at P2.24.

SM Prime and Dito CME were up respectively by 5 centavos to P36 and P6 centavos to 10.42 respectively.

Bank of PI lost P1.55 to P82.50 with foreign selling of P123 million, while Metrobank, with foreign selling of P91 million, declined by 75 centavos to P46, as the financials lost 0.75 percent.

The other sub-sector decliners were holding firms, 0.88 percent, and services, down by 0.64 percent. The gainers were industrial, 0.23 percent, mining, and oil, 2.10 percent, and property, 0.11 percent.

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