PSE POSTS BIG LOSS

The Philippine Stock Exchange (PSE) posted a big loss today with the stock market still showing heightened nervousness with foreigners still in sell-down mode.

Net foreign selling has gone down to P260 million but it was enough to rock the market as it dropped by 84.94 points or 1.44 per cent to 5,799.24 points, going down another level with 95 losers against 85 gainers with 57 shares unchanged.

Actually, the market was set on posting a gain and it was up by more than 40 points in mid session but it switched gears and slowly lost it's gains to close at its lowest level.

Market bellwether SM Investments was the most active stock trading P1.144 billion of the value turnover of P6.862 billion but even with foreign buying of P704 million, it still closed lower by P13 to P837 indicating the still-unnerved investment community.

The mining and oil sector gained by a big 3.57 percent on a future surge in metal prices and together with the rise in the financials, up by 0.66 per cent and industrials, up 0.74 per cent but it was not able to overhaul the losses in the holding, property and services sectors.

Ayala Land lost 50 centavos to close at P28.30 with value turnover of P572.7 million in towing lower the property sector while BDO Unibank led the financials higher as it closed to P87, up by P1.60. Bank of PI also rose 30 centavos to P67.30 while Metrobank was unchanged at P33.50

The Metrobank performance shows that the locals are now taking up the slack left by the sell-down of foreign investors as it was unchanged even with foreign selling of P118 million.

Other stocks sold by foreign investors that closed lower include SM Prime with net foreign sales of P161 million, down by 70 centavos to P28.50; Ayala Corp with foreign selling of P45 million, down by p23.56 to P710.

Market darling MerryMart lost 9 centavos to P2.85 with value turnover of P128.77 million. URC was up by P4.70 to P142.50; PLDT down P14 to P1,465; Jollibee Foods, down by P1.50 to P133.60.