• By The Financial District

PSE INDEX DOWN SOME MORE

The Philippine Stock Exchange (PSE) index tested new lows today but recovered lost ground, even as losers overwhelmed gainers 3-1, as blue chips opened high and hit new lows closing 58.72 points down or 0.86 percent to 6,755.95 points.

All counters were down with trading at a hefty P14.704 billion with 174 losers, 58 gainers and 37 shares unchanged, with market bellwether SM Investments mirroring the market's performance, as it opened at its high of P1,054 and declined to a low of P1,035, before closing at P1,038, down P22 with P356 million in trade.


Dito CME, the day's most active stock with P5.187 billion in trades, also fashioned a similar trading pattern, opening high at P17.42 before capitulating down to its low of P14.40 and recovered to close at P16, but nevertheless went down 10.11 percent or P1.80.


Market darling MerryMart closed at P6.72, but it gyrated to a high of P7.03 and a low of P6.36, while food giant Jollibee Foods lost P5.10 to P172.90.


BDO Unibank declined by P1.80 to P103.20, while Bank of PI lost 30 centavos to P84.10, as the financials subsector went down by 0.81 percent.


Net foreign selling amounted to P638 million on foreign buying of P3.046 billion and foreign selling of P3.644 billion. Ayala Energy, even with foreign buying of P24 million, declined by 23 centavos to P7.22.


Metrobank showed a gain of 5 centavos to P50.24, even with foreign selling of P232 million as investors await its P4 per share cash dividend next month.


Market analysts see the PSE index possibly going down below its 6,700 - point support level in the absence of good economic news.


The market has been held hostage by the seeming lack of direction from government officials tasked with getting the vaccines, analysts said.


Economic revival has been anchored on opening the economy which can only happen with a vaccine rollout, analysts said.



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