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PSE Index In New Low
- By The Financial District
- Jul 26, 2021
- 2 min read
The Philippine Stock Exchange (PSE) index tumbled to a new low as the increasing fear on the rise in the easily-transmissible Delta variant continued to affect other places in the country and the uncertainty it foists on the economy affects investors' appetite for risk resulting in a huge 2.27 percent or 148.13 point decline to 6,372.61 points.
Most of the Top 20 active stocks posted share price declines with the exception of two traded stocks which were unchanged, Converge at P23 with foreign selling of P34 million of its total trade of P101 million, and SMC2K at P76.50.
Market bellwether SM Investments shed P21 to P945 while Ayala Energy, the most active with P358 million lost 19 centavos P7.81, as foreigners unloaded P67 million of its total turnover of P358 million.
Net foreign selling hit P338 million on foreign buying of P1.084 billion, and foreign selling of P1.423 billion, with value turnover below average at just P4.15 billion - indicating the loss of investors' interest with the twin pandemic and fears on the economy resulting in losers three times higher than gainers, 151 to 49 with 39 shares unchanged.
Holding firms posted the biggest loss at minus 2.43 percent followed by financials, down 2.34 percent, and services, down 2.09 percent. Property lost 2.03 percent while industrials lost 1.67 percent and mining and oil, 1.17 percent.
JG Summit posted a big loss of 4.71 percent as it dropped by P2.80 to P56.70, Ayala Corp by P12.50, or 1.71 percent to P720 as foreign investors unloaded P62 million out of trades of P150 million, and DM Consunji declined by 21 centavos to P59.30.
Property firms Ayala Land and SM Prime respectively closed at P32.50, down 65 centavos, and P32.60, down by 85 centavos. Another property firm, Primex Corp. posted the biggest decline at 13.75 percent as it lost 40 centavos to P2.51 with trades of P7.7 million.
Among the top gainers, Dito CME posted the biggest decline at 6.18 percent as its share price went down by 46 centavos to P6.98, while Jollibee Foods lost 2.22 percent or P4.40 to P193.60. Bank of PI went down by 3.12 percent or P2.70 to P83.80 while BDO Unibank declined by P3.30 to P102.30.
