PSE INDEX DROPS ON SELL-DOWN

The Philippine Stock Exchange (PSE) index pierced its resistance level as foreigners continued to sell down their holdings, dropping below another milestone level at 6,236 points, down by 90.43 points or 1.43 percent, on the hefty 4.2 percent decline in the country's gross domestic product for the first quarter of the year.

That drop, which signifies a slower growth comeback for the Philippine economy unnerved further the foreigners, whose selling pressure saw the Top 15 active stocks today in the red.

The net foreign selling computed at P975 million when the block sale of top property developer SM Prime of P410 million got included in the foreign selling that was amounted to P3.010 billion.

SM Prime topped the most active list with trades of P1.072 billion as it lost by a big 4.27 percent when its shares closed P1.45 lower to P32.50.

Ayala Land was the second most active stock as it posted a 30 centavo loss to P31.95 on trades of P422 million. PLDT followed with P300.7 million in trades as it lost P14 to close at P1,250.

Only the financials posted a smallish gain of 0.28 percent on account of the rise in the share prices of PNB, up 10 centavos to P28.50, Metrobank, up 30 centavos to P43.90, and Bank of PI up 90 centavos to P82.85. BDO Unibank lost 40 centavos to close at P105.60.

The other sub-indices declined: industrials, down by 0.36 percent, holding firms, 1.69 percent, services, 1.23 percent, mining and oil, 3.07 percent, and property, 2.79 percent.

Total value turnover reached P6.197 billion with losers overwhelming gainers, 141 to 55 with 50 shares unchanged.

The index seemed to be headed lower - to more than 100 points down 15 minutes before the close until a surge of bargain hunters pumped in P2 billion before the close.

Foreign buying amounted to P2.444 billion and foreign selling at P3.010 billion, but the SM Prime block sale was included in the foreign buying column.

The two gainers in the Top 20 active stocks were Century Pacific, which went up by 70 centavos to P22.50 with trades of P112 million, and Converge, which gained 6 centavos to P18.96 with 105.4 million in trades.

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