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PSE INDEX DROPS SOME MORE
- By The Financial District
- May 5, 2021
- 2 min read
The Philippine Stock Exchange (PSE) index again dropped to a new milestone level as foreign investors continued to sell-down their holdings in the absence of any concrete storyline on the country’s COVID-19 response and the global economic outlook, to finish the day at 6,299.69 points, down by 59.64 points or 0.94 percent.
Total value turnover amounted to just P3.891 billion as local investors shied away from the market in the face of worrying stats on the COVID-19’s effect on the country’s growth rate prospects as investors tried to muster the courage to digest the P180 billion in economic losses brought by the lockdown in NCR Plus.
There were 92 gainers, 114 losers, and 43 shares unchanged.
Only the mining and oil index submitted a gain with investors positioning ahead of the opening of new mining activities to nudge it to a 1.27 percent rise, while the holding firms posted the biggest decline at 1.29 percent.
The other sub-sectors that incurred losses were financials, down 0.53 percent, industrials, 0.50 percent, services, 0.60 percent, and property, 0.65 percent.
Ayala Land was the most active stock with just P352 million in trades as it bucked foreign selling of P72 million to P32, possibly on account of its buy-back program.
Ayala Energy declined by 7 centavos to P6.82, reflecting the P6.50 follow-on offer of its shares to fund its energy projects, with a turnover of P220 million, of which foreign buying amounted to P87 million.
Net foreign selling amounted to P651 million, almost equaling the two-day tally of the Monday and Tuesday trading, with foreign buying of P1.231 billion and foreign selling of P1.881 billion.
All the blue chips with foreign selling posted declines in their share prices such as SM Prime (P101 million), down 55 centavos to P33.65, Megaworld (P58 million), down 6 centavos to P3.00, Robinson’s Retail (P54 million), down 30 centavos to P51.70, Bank of PI (P51 million), down 75 centavos to P81.50, and PLDT ( P44 million) down P10 to P1,250.
