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PSE Index Plummets
- By The Financial District
- Jul 19, 2021
- 2 min read
The Philippine Stock Exchange (PSE) index plummeted today by more than 180 points before climbing back on bargain hunting before the close to end the day at 6,587.20 points, down by a hefty 106.63 points or 1.59 percent.
Net foreign selling amounted to P551 million on foreign buying of P1.863 billion and foreign selling of P2.419 billion with property firms posting huge losses accounting for the property index declining by 3 percent as Ayala Land lost P1.40 to P34.10, SM Prime down by 95 centavos to P33.95, Robinson's Land shaved by 78 centavos or 4.84 percent to P15.32.
Market bellwether SM Investments declined by P5 to P951 as all counters posted significant losses: financials lost 1.17 percent, services by 1.70 percent, industrials, 0.57 percent, holding firms 1.19 percent, and mining and oil by 0.38 percent.
Only four of the Top 20 most active stocks survived the rout, which market players say could mean the PSE entering bearish territory as earlier predicted by The Financial District's weekly market report by Bonner Dytoc.
These were Ayala Energy, the most active with trades of P702 million which went up by 2 centavos to P8.21, Converge, by 60 centavos to P23.50, and Megaworld, up 2 centavos to P3.00. Aboitiz Power was unchanged at P24.
Value turnover was P6.516 billion with losers three times higher than losers, 159 to 43 with 48 shares unchanged.
Market analysts see the index hovering between 6,500 and 6,700 points and with the ghost month a little more than a month away, investors may see further shocks in the listed issues.
Contrarians are seen to pick up losing stocks, though that could bode well for the market that had seen a low of before 5,000 points when the investors were rattled by the holidays that the PSE made due to the COVID-19 pandemic. The market, that time, saw its index plunge to 4,039 points as foreigners sold shares due to the uncertainty brought by the closure of the market trading in the Philippines when other markets were open.
