PSE INDEX POSTS MARGINAL RISE

The Philippine Stock Exchange (PSE) index posted a marginal rise today closing at 0.18 percent as foreign selling continued without let-up in a below-average trade, losers ahead of gainers as the market breadth showed a marked decline on account of pessimistic assessment of the market.

Net foreign selling amounted to P696 million on foreign buying of P1.605 billion and foreign selling of P2.177 billion as local buying saved many blue chips from posting declines.

Value turnover was P5.41 billion, with losers upending gainers 116 to 87, with 42 shares unchanged. Industrials and holding firms posted losses of 0.17 per and 0.11 percent respectively.

Mining bounced back today with a 3.80 percent rise while the financials recovered by 1.13 percent. The services sector rose by 0.01 percent while the property eked a 0.29 percent uptick.

Market bellwether SM Investments posted a P6 increase to P958 but market darling MerryMart lost 13 centavos to P5.09.

Also losing support were telco stocks Converge, which ended 54 centavos lower to P18.40, and Dito CME, which lost 20 centavos to P10.02 on trade of P377 million, the second most active stock.

Ayala Land rose 30 centavos to P32.50 but foreign selling was tracked at P51 million out of its P572.3 million most active status. SM Prime, however, was not able to tame foreign selling of P112 million out of its P299 million total trade closing 10 centavos down to P34.90.

JG Summit, with foreign selling of P41 million, declined by a hefty P2.34 to P51.55 on trades of P164 million.

PNB bucked foreign selling of P58 million as it posted a 12.85 percent gain to close at P25.90, up by P2.95, while BDO Unibank rose by 20 centavos to P105.20 and Bank of PI registered a P1.50 rise to P83.00.

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