PSE INDEX IN HUGE DROP

The Philippine Stock Exchange (PSE) index today went down to a dizzying drop as the market was unnerved by the surge in Coronavirus cases seen to further clip economic growth in a time of rising inflation rate to close 2.62 percent lower or 176.09 points down to 6,552.46 points.

All the sub-sectors were down by more than 2 percent each with mining and oil losing 3.66 percent and services lower by 3.01 percent.

Holding firms buckled down by 2.86 percent, while the financials, property, and industrials declined by 2.55 percent, 2.56 percent, and 2.18 percent, respectively.

The dismal showing was very evident with the blue chips absent from the list of gainers and the Top Ten active stocks posting losses.

Value turnover amounted to P9.225 billion in trading that only had 28 gainers against 207 losers while 32 shares were unchanged.

Net foreign selling hit P1.1 billion on foreign buying of P2.129 billion and foreign selling of P3.25 billion, with Dito CME as the most active stock with trades of 1.486 billion as it saw its share price drop to below P10 to P9.85, down by P1.53 or 13.44 percent.

Market bellwether SM Investments, which had the biggest foreign selling of P159 million lost P16 to P1,018, though it dropped to a low of P998.

Market darling MerryMart, on the other hand, went below P5 to P4.54, down by 65 centavos or 12.52 percent.

Food giant Jollibee Foods, even with P17 million in foreign buying dropped by P1.90 to P180, while Metrobank finished the day erasing P2.10 to P45.45.

Market analysts see a further decline to below 6,500 points should the continuing surge in COVID-19 cases continue unabated. So far, the LGUs have been mandating pinpoint lockdowns in order not to disrupt much the economy.

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