PSE INDEX SHOWS WEAKNESS
The Philippine Stock Exchange (PSE) index today showed its weakness, closing at a big loss of 116.07 points or 1.68 percent, as fears mounted anew on the lack of vaccine supply that could negate efforts to re-energize the economy.
Only the mining and oil's big rise of 4.34 percent countered a hefty loss, as Nickel Asia and Philex Mining went up respectively from P5.85 to P6.32 and P4.75 to P5.12. The rise in the mining stocks was due to expected increase in global demand for copper and nickel.
The property sector was down by 29.48 percent; holding firms, by 2.65 percent; industrials, by 0.90 percent; services by 1.42 percent, and financials, by 0.73 percent. Value turnover amounted to P8.49 billion with losers ahead of gainers, 116 to 96 and 44 shares unchanged.
Net foreign selling hit P1.36 billion on foreign buying of P1.933 billion and foreign selling of P3.293 billion. First Gen had the biggest buying at P49 million although it declined by 5 centavos to P29.95 while Nickel Asia had the next biggest, buying at P47 million.
Premiere Horizon emerged as the most active stock with P731 million in trades as it advanced by 26 centavos to P3.16. Dito CME followed with trades of P582 million as it posted an 18 centavo rise to P18.12.
The next eight top active stocks posted declines, including market bellwether SM Investments, which lost P31 to P1,034; Ayala Corp, down P37 to P760; Ayala Energy, down 19 centavos to P7.61, and BDO Unibank and PLDT, which declined, respectively by P2.50 to P106 and by P40 to P1,305.
Converge also lost 20 centavos to close at P18, although it had a big cross sale of its shares at P18.18, involving 2.444 million shares done by McQuaire Securities.
Market darling MerryMart lost 12 centavos to P6.93, while Metrobank gained 75 centavos to P50.85, although foreign selling amounted to P121 million because of its upcoming P4 per share cash dividend next month.
Market analysts said that the lack of good news affected the market especially with the realization that COVID-19 vaccines are not yet forthcoming as there were no signed agreements that the country has made.
NEDA chair Karl Kendrick Chua had been batting for a nationwide MGCQ to propel the economy forward, but the vaccine lack swamped the optimism engendered by the opening of the economy.
The market's tentativeness is seen to persist during the week unless a great economic news crops up, analysts said.