PSE INDEX STILL IN DOLDRUMS

The Philippine Stock Exchange (PSE) index is still in the doldrums, losing 40.93 points or 0.64 percent to 6.395.17 with the trading muted as investors digest the impact of the surge in COVID-19 cases and its impact on the economy.

Only the services sector managed to eke out a gain of 0.75 percent with all sub-sectors in the red: financials down 0.74 percent; industrials, 1.43 percent; holding, 0.51 percent; mining and oil, 2.82 percent; and property, 1.36 percent.

Ayala land was the day's most active stock as it lost a ha hefty 2.63 percent or 70 centavos to close at P33.80.

Value turnover was low at P6.294 billion, with 172 losers, 53 gainers, and 33 shares unchanged in trading with net foreign selling of P725 million on foreign buying of P2.037 billion and foreign selling of P2.762 billion.

Market bellwether SM Investments had the biggest foreign selling of P136 million but managed to post a gain of P2.50 to P961 on trades of P314 million.

BDO Unibank rose by P1.40 to P103.40 but Metrobank lost 45 centavos to P45.55, while Bank of PI and Security Bank declined by P1.90 to P82.10 and P4.80 to P118.20, respectively.

Converge posted a gain of 70 centavos to P19, while market darling MerryMart dropped 15 centavos to P4.77.

Jollibee Foods was down by 10 centavos to P175.90.

The PSE index actually rose a shade before it lost momentum again after opening at more than 100 points down. Market Analysts now await the listing of DO REIT, which its owner Edgar Injap Sia said is a "pamana" stock and its trading performance will be closely watched in Tuesday's opening.

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