PSE POSTS HEFTY LOSS ON FOREIGN SELLING
The Philippine Stock Exchange (PSE) posted a hefty loss today as foreigners again were net sellers in trading as the perception on the country’s economic revival dimmed with the upsurge in the number of Covid-19 transmissions overwhelming the health system.
Both the property and the financial sectors registered big losses in trading with net foreign selling clocked at P1.6 billion, the first time it hit the billion-peso mark after foreign investors were disturbed by the closure of ABS CBN shares, that started the sell-downs in stocks owned by foreigners.
PSE’s index dropped by a huge 3.59 percent or 212.53 points, the first time it hit the 200-point loss in months since the March debacle that saw the market losing P1.2 trillion to close 5,715.92 points. The sell-down started from the start with losers swamping gainers, 154 to 51 with 39 shares unchanged.
Ayala Land lost P6 to close at P31.30 while BDO Unibank, Metrobank, Bank of PI and Security Bank posted significant losses with value turnover amounting to P6.58 billion with foreign buying amounting to P2.435 billion and foreign selling at P4.07 billion.
The locals have not been active in the stock market lately on the problems besetting the Covid 19 pandemic especially with the rash declaration of a harder quarantine rules starting tomorrow that had households trooping to their banks to withdraw funds to stock for their needs.
Of the Top 20 stocks that were actively traded, only two showed gains. Metrobank lost P75 centavos, BPI, P3.50, BDO P3.00 and Security Bank 4.80. The two telcos, PLDT and Globe also posted losses of P23 and P50 respectively.
Market darling Merry Mart lost 18 centavos to finish the day at P2.50 . It was also in the top 20 traded stocks