PSE INDEX PLOPS ON HUGE SELL-DOWN

The Philippine Stock Exchange (PSE) plopped today on a huge-selldown with foreigners unloading a record P3.13 billion in net selling cutting across the board the share prices of blue chips and second liners alike to close the day in a record decline of 239.22 points or 3.49 percent to 6,612.62 points.

The sell-down was immediate after opening just about 20 points lower from Thursday's close and rising just a point higher later and the unloading of shares immediately followed.

The selling pressure thundered over in the list of most active stocks as only of the 20 issues that were actively traded posted a gain, that of second liner Basic Energy, which rose by P0.05 to P1.05 with trades of P547 million, and Ayala Energy which rose by 38 centavos to P6.40, as it emerged as the most active stock with P1.233 billion in trade, of which foreign buying stood at P119 million.

All sub-sectors were in the red with mining and oil and holding firms posting huge losses of 4.55 percent and 4.02 percent, respectively.

The financials declined by 2.13 percent; industrials, 2.61 percent; services, 2.60 percent and property, 3.02 percent, with losers outnumbering gainers, 133 to 91, with 44 shares unchanged as the value turnover hit P13.61 billion - of which foreign buying reached P3.29 billion and foreign selling, P6.422 billion.

Heavy foreign selling hit SM Prime with P438 million as it buckled under immense selling pressure to close the day down by P1.50 to P35.30 on trades of 707 million; while JG Summit lost a hefty P5.40 or 8.16 percent to close at P60.80, as foreign selling reached P398 million.

Market bellwether SM Investments also buckled under a sell down of P228 million to post a P41 decline to P985, while the banks also were hit by heavy foreign selling.

BDO Unibank had foreign selling of P270 million as P3.10 was lopped off from its share price to finish the day at P100.70.

Bank of PI lost P3.70 to P79.45 with foreign selling of P117 million; Metrobank, with P125 million in foreign selling, declined by a peso to close at P45.

Market darling MerryMart was down by 4 centavos to P6.60, while Universal Robina declined by P7.70 to P135, affected by P189 in foreign selling.

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