PSE RECOVERS SLIGHTLY
The Philippine Stock Exchange (PSE) recovered today though still closing below the 6,000 psychological level in another tepid trading performance punctuated by the continued sell-down of banking stocks by foreign investors.
PSE closed 15.84 points higher to 5,845.10 points , up by a fractional 0.22 percent with foreign transactions accounting for 67 percent or P2.9 billion out of the value turnover of P4.31 million with both gainers and losers at 97 shares each and 45 issues unchanged.
There was a net foreign selling of P415 million transacted today with the bank stocks being sold down: BDO Unibank, P140 million; BPI, P49 million; Metrobank, P48 million and Puregold (P55 million) Universal Robina (P47 million) and Manila Water (P37 million).
Foreign buying stood at P1.262 billion while foreign selling amounted to P1.677 billion as many investors opted to stay on the sidelines with the surging fear on the coronavirus which continues to fester and bring fear to the business community.
BDO fell by P1.05 to close at P88.95 on account of the P140 million foreign selling while BPI , though also sold down by foreign investors managed to eke a gain of P3.20 to P68.20 as local investors bought up the stock. Metrobank was unchanged at P34.30.
Market darling Merry Mart lost P3 centavos to close at P2.43 although it remained one of the top 20 stocks traded . The other notable performers were NickelAsia which rose by 14 centavos to P2.57; Metro Pacific, up 4 centavos to P3.06, Ayala Corp, up P12 to P722 ; Ayala Land, up 20 centavos to P32.10 and Jollibee Foods, up 1.10 to P129.10.