PSE Index Plunges

The Philippine Stock Exchange (PSE) plunged today on selling pressure as investors headed for the exit with the lack of positive economic reports amidst the uncertainty over the delta variant of the virus that has surfaced in the country.

With net foreign selling of P362 million, all sub-indices posted declines with the financial sector absorbing the impact of the sell-down on listed shares of banks, which are seen to be affected by the economic havoc that the pandemic has wreaked on loan borrowers looking at an uncertain future with the fear of the delta variant taking its toll on the populace.

The index plummeted to a new low of 6,476.21 points, down by a hefty 110.99 points or 1.69 percent, with losers overwhelming gainers, 167 to 45 with 41 shares unchanged. Value turnover amounted to P5.895 billion with foreign selling of P2.098 billion and foreign buying of P1.736 billion.

BDO Unibank lost P4.40 or 4.06 percent to P104.10, while Bank of PI declined by P1.75 to P84.30, and Metrobank and Security Bank went down respectively by P2 to P44.10 and P4 to P108, pushing the financials to a big decline of 3.05 percent.

Even with foreign buying of P151 million for Jollibee Foods, the issue still went down by P6.60 or 3.13 percent to P204 on trades of P248, indicating the selling pressure. The same was true for Ayala Energy, which went down by 21 centavos to P8, even with foreign buying of P84 million of its P288 million total trades.

Market bellwether SM Investments lost P11 to P940 while Ayala Land and its parent firm posted price rises even with foreign selling of P44 million and P101million due to local support. ALI, which is the most active stock with P380 million in trades posted an increase of 20 centavos to P34.30 while AC rose by P9 to P754.

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