PSE INDEX DROPS SOME MORE
The Philippine Stock Exchange (PSE) index today dropped some more with second liners again dominating market plays as the net foreign selling reached P1.37 billion in a day that saw some bargain buying catapulting blue chip stocks to post gains and appeared poised for a positive sentiment in the next trading day even with a huge loss of P113.55 points or 1.63 percent to 6,863.61 points.
Except for the mining and oil sub sector, all other indices were down with the financials and the property sector bearing the brunt of the decline.
Value turnover reached P10.68 billion with the gainers ahead of losers, 112-110, with 50 shares unchanged. Foreign selling amounted to P3.48 billion while foreign buying reached P2.111 billion.
The financials lost a hefty 1.95 percent while the property sector declined by 2.45 percent. Services went down by 0.38 percent, industrials, 1.77 percent and holding firms, 0.96 percent.
Investor sentiments were mixed, with Cebu Pacific going down by P2.95 to P47.05, even with foreign buying of P17 million, as investors took into account its projected losses of more than P20 billion this year and oncoming financial strain with the COVID-19 pandemic.
Second liners Apollo Global and Basic Energy were top and second most active stocks in trading with the latter posting a 50 percent rise freeze point as it rose by 37 centavos to P1.11 with trades of P836 million.
Apollo Global went up by P0.051 to P0.248 with a turnover of P1.51 billion, while another second liner Premiere Horizon had P604 million in trades as it gained 37 centavos to P2.16. Abra Mining also went up by P0.001 to P0.006 with trades of P452 million,
Bank of PI benefitted from a boost from foreign buying of P95 million as it emerged unscathed in the financial's debacle with a 20 centavo rise to P83.15.
BDO Unibank and Metrobank, with foreign selling of P118 million and P123 million, respectively, lost P1.20 and P1.30 to close at 104.50 for BDO, and P45.65 for Metrobank.
Phil Seven barged into the top 20 most active stocks, though it lost P1 to P109, while Ayala Corp, with foreign selling of P112 million dropped 16.50 to P774.50.
Market bellwether SM Investments bucked foreign selling of P98 million to finish the day P9 ahead to P1,029, while market darling MerryMart gained P17 centavos to P7.06.
Universal Robina lost P8 to P143, while ICTSI declined by P3 to P124. Dito CME also gained 74 centavos to P11.76, while PLDT also posted a P5 gain to P1,405. Market punters said that the market breathed a sigh of relief after Tuesday's losses, where losers outnumbered gainers 10 to one.
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