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PSE INDEX POSTS HEFTY LOSS
- By The Financial District
- Apr 30, 2021
- 2 min read
Foreign selling hit the blue chips again today with the Philippine Stock Exchange (PSE) index dropping below a milestone level, as the lack of positive news reverberated in the market to finish at 6,370.87 points, down with a hefty 116.64 point loss or 1.80 percent.
Save for the optimism in the mining sub-sector, which went up by 2.08 percent due to the revival of mining activities, all the indices posted losses.
The property and holding firms were down by 2.81 percent and 1.79 percent, respectively. The financials lost 1.14 percent, while the industrials 0.35 percent and services 0.85 percent.
Market bellwether SM Investments declined by P7 to P961 with trades of P350 million that included P49 million in foreign selling, one of six blue chips that posted declines due to the sell-down.
Ayala Land again was the most active as it went down by 70 centavos to P32.20, with foreigners flipping P336 million of its P765 million trade.
The other blue chips that were unloaded included Globe, which had selling of P203 million out of P212 million in a P53 loss to P1,883.
SM Prime, with P134 million in foreign selling out of its trade of P288 million, lost a hefty 4.04 percent or P1.45 to close at P34.45, while BDO Unibank lost P2.90 to P103.10, foreigners accounting for P87 million of its P202 million trade.
Ayala Corp had P70 million in foreign selling of its P157 million trade as it dropped by P27 to P741.
Net foreign selling amounted to P258 million with foreign buying of P3.048 billion and foreign selling of P3.306 billion, with losers ahead of gainers 110 to 91 with 47 shares unchanged.
However, if the block sale by Ayala Reit involving P988 million is taken into account net selling would balloon to P681 million in value turnover that reached P8.622 billion.
The mining stocks that went up were Philex, which gained 45 centavos or 7.07 percent to P6.80 with trades of P102 million, Nickel Asia, up by 10 centavos to P5.56 with a turnover of P80 million, and Lepanto which rose by P0.007 to P0.019 with trades of P77 million.
