The Philippine Stock Exchange (PSE) index has shown a remarkable weakness today with many of the heavily traded blue chips in a free fall after opening at their previous closing price or lower yesterday.

Save for the holding firms which showed a rise in its sectoral average, all the other indicators were down with heavy selling that has unmasked the market’s weakness with  just 37 shares up, 156 down and unchanged, 35 shares.

PSE’s performance went down by just 42.36 points though, saved by the holding firms which had bigger weights in the basket of stocks that form part of the PSE index. The index stood at 5,496.83 points down by 0.77 %, with a total trade of PP5.16 billion.

Many of the blue chips were almost in a freefall after the opening of the shortened trading with top traded Jollibee Foods opening at its close yesterday of P133 per share , hit a high of P134 and then declined to as low as P117 before closing P2 higher at P119, for a drop of a huge P14 on total trade of P571.921 million.

The opening sequences and the trading patterns of other blue chips similarly  mirrored that of JFC such as  BDO which opened 60 centavos lower at P89 then went up to P89.40 before succumbing to selling pressure to a low of P85.60 and finish the day 30 centavos higher for a 4.13 percent decline.

Other blue chips posted declines with market punters saying that the apparent weakness in the market could be a portent of things to come with the Covid 19 pandemic playing out its virulence on the economy.

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@2020 by The Financial District