PSE LOSES MOMENTUM
The Philippine Stock Exchange (PSE) lost its momentum going into the last ten minutes to close lower 7.14 points or 0.12 percent to 5, 838.66 points in another humdrum trading activity.
The holding firms and the services failed to ignite a rally losing out in the end. The financials and the property sector eked out gains with value turnover so low at P3.659 billion with net foreign selling still at play.
Gainers outplayed the losers 110 to 86 with 44 shares unchanged as net foreign selling hit P627 million on foreign selling of P1.864 billion and foreign buying of P1.236 billion.
PLDT lost P14 to close at P1,356 as it had foreign selling of P32 million while Globe Telecom was unchanged at P2,120. Now closed at P2.93 from yesterday's P3.07
Dito went up by 10 centavos to P4.20 and it was one of the most active stocks. Ayala Land was up 30 centavos to P30.25 and was the active stock with P437 million.
Market bellwether SM Investments had a low value turnover of P135 million as it closed P3 lower to P869. It's sister firm SM Prime added 15 centavos to close P28.50.
The market is expected to trade lower again in the face of a lack of positive sentiments in the market and the continued sell down in stocks.
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