PSE INDEX IN BIG DECLINE

The Philippine Stock Exchange (PSE) index declined in volatile trade dropping below its 7,000 point milestone as investors cashed out due to worsening COVID figures with all sub sectors resulting in a big 91.89 loss or 1.30 percent to 6,979.61.

Net foreign selling hit P503 million, with foreign buying of P2.384 billion and foreign selling of P2.888 billion, as losers overwhelmed gainers 216 to 26, with 25 shares unchanged on value turnover of P9.7 billion in a day that saw wild swings in trading.

Market darling MerryMart closed 11.97 percent lower to P6.90, but not after hitting a high of P8.20 with trades of P609.3 million, the second most active stock.

Apollo Global was the most active stock as it lost 29.64 percent to P0.198 on trades of P1.64 billion. Eighteen of the top 20 active stocks closed down, save for Greenery, which rose 1 centavos to P3.15, and IMI, which gained 70 centavos to P11.70.

Market bellwether SM Investments lost P18 to P1,020, as it buckled under foreign selling with net foreign selling of P24 million.

Ayala Land, even with P118 million net foreign buying, still lost 5 centavos to P39.80, while SM Prime declined by 30 centavos to P37.90.

The negative sentiment was across the board as the sub sectors lost from 1.19 percent for holding firms to 5.18 percent for mining and oil sub sector.

Food giant, Jollibee Food declined by P5.50 to P180.20 as it was hobbled by net foreign selling of P98 million.

Second liners Premiere Horizon lost 28.97 percent or down 73 centavos to P1.78, while Basic Energy declined 31 centavos to P0.76. Dito CME dropped by P1.14 to P11.04.

WEEKLY FEATURE : JOSE MARI CHAN AND THE CHRISTMAS ANTHEM