PSE POSTS BIGGER DECLINE

The Philippine Stock Exchange (PSE) today went down a hefty 114.33 points or 1.86 percent but still managed to stay above the 6,000-point psychological milestone to close at 6,042.12 points in another day of continued net foreign selling as the country grapples with the surging COVID-19 cases.

Net foreign selling amounted to a higher amount from yesterday’s trading with P850 million in difference between foreign buying of amounting to P1.982 billion and foreign selling of P2.832 billion with 92 gainers, 95 losers and 42 unchanged.

Value turnover remained anemic as the local investors were shying away due to the ghost month fears with transactions reaching P5.465 billion .

Market bellwether SM Investments posted a P10 loss to P900 although it was the most active stock at 554.3 million in total trade. The company had foreign buying of P424 million with its allied firm SM Prime, down by P1 to P31 also with foreign buying of P206 million. Both transactions were crossed by one broker.

Trading opened higher by 9 points from its close last Tuesday but selling immediately commenced resulting in the PSE index closing at its lowest point. The negative sentiment was still evident as the continued rise in COVID-19 cases continue to unravel, coupled by the negative perception of foreign investors at the capability of the government in its pandemic response remained suspect.

Axelum Resources, an exporter of coco products , was the second most active stock and, even with a foreign selling of P495 million, out of its P507 million trade manage to eke out a gain of 12 centavos to P2.48. Another stock that had foreign selling, AREIT, also bucked the selling pressure to close at 15 centavos higher to P25.95 even with foreign sales of P83 million.

Ayala Corp. buckled under, closing P27 lower to P735, with its foreign sales amounting to P92 million while its property subsidiary Ayala Land also lost P1 to P31.85. It had foreign sales of P144 million. These listed firms, outside of the financials, have been under selling pressure from foreign investors.

BDO Unibank, Bank of PI and Metrobank also keeled over with BPI posting its biggest loss among the financials. BPI lost P3.20 to P62.50 for a 4.87 percent decline compared to BDO which went down by 0.27 percent and Metrobank which lost 10 centavos.

Market darling Merry Mart lost 3 centavos to P3.14 while the gainers include PLDT, up by P20; PureGold, up by P1.30; and Robinsons Retail, up P2.40.