PSE INDEX DOWN SOME MORE

The Philippine Stock Exchange (PSE) index declined some more today closing 16.91 points or 0.27 percent as local buying support led to gains in three sub-sector indices signifying oversold stocks for the past trading days.

Net foreign selling stood at P460 million, but the property index stepped up as Ayala Land reversed fortunes with foreign investors now buying back the property stock after weeks of foreign selling.

Emerging again as the top traded stock, Ayala Land had foreign buying support of P118 million in its P769 million trade that saw its share price go up by 20 centavos to P32.20.

Another property stock, SM Prime also benefitted from the property play as it went up by 85 centavos to P34.50.

Foreign buying amounted to P1.905 billion while foreign selling hit P2.366 billion with a value turnover of P5.281 billion with 126 losers, 77 gainers, and 44 shares unchanged.

The property index posted a big gain of 1.46 percent, followed by industrials, up 0.63 percent, and financials, 0.27 percent.

The losing sub-sector indices were holding firms, down a hefty 1.65 percent, mining and oil, 1.28 percent, and services, 0.34 percent.

Ayala Corp had P121 million in foreign selling out of total trades of P337 million as it declined by P20 to P725.

Market bellwether SM Investments also had foreign selling that amounted to P81 million out of its trades of P367 million as it lost P30 to P921. Converge lost 2 centavos to P19.14, while PLDT gained P14 to P1,264.

Food giant Jollibee Foods went down by P1.50 to P176.

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