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PSE Index In Big Fall
- By The Financial District
- Jul 9, 2021
- 2 min read
The Philippine Stock Exchange (PSE) index posted a huge decline today closing at 6,834.92 points, down by 90.07 points or 1.30 percent with foreign investors selling more than a P1 billion as a new COVID variant is uncovered that could wreak the economy, and with the uptick in gasoline prices and utilities that threaten to lead to an uptick in the inflation rate.
Most of the blue chips were in negative territory, with just three of the active stocks posting gains and all the sub-indices showing hefty declines as net foreign selling amounted to P1.1 billion on foreign buying of P3.135 billion and foreign selling of P4.267 billion.
Monde Nissin, Ayala Energy, and Bank of PI were the gainers among the top 16 active stocks in trading that had a value turnover of P8.41 billion, with losers swamping gainers, 153 to 59 with 43 shares unchanged.
Monde was up by 30 centavos to P17, Acen up 9 centavos to P8.70 and BPI, up P1.40 to P88.40.
SM Prime and Ayala Land dropped to identical share prices of P36, though the former had a bigger loss as it went down by 60 centavos, and the latter by 10 centavos.
ALI had trades of P497 million, of which P213 million represented foreign selling, while SM Prime had a cross of P469 million computed in the foreign buying and total transactions hit P1.178 billion.
Market bellwether SM Investments declined by P10 to P1,000, while Jollibee Foods went down by P7.20 or 3.43 percent to close at P203. BDO Unibank, with foreign selling of P156 million, declined by P2.70 to P111.50, while ICTSI’s share price was shaved by P4.50 to P160.
Holding firms accounted for the biggest loss among the sub-indices, declining by 1.54 percent, followed by mining and oil, with 1.43 percent, and the property sub-index with 1.23 percent. The financials were down by 1.18 percent, industrials, 0.44 percent, and services, 1.26 percent.
Actually, the PSE index slumped to as low as 6,745 .85 points or two psychological milestones down before recovering lost territory. Market analysts said that the discovery of a new COVID variant dubbed Lambda spooked the market together with news of a third vaccine shot being bruited about by Pfizer, showing the continuing uncertainty over the COVID-19 response, as well as the hike in the prices of gas and LPG and utilities that do not augur well for the economy.
