• The Financial District


The Philippine Stock Exchange (PSE) today reechoed its trading performance Monday with the earlier losses from the opening bell being pared down until it posted a gain at the close, which was also the index’s high point, with a smallish rise of 21.07 points or 0.35 points to 6,018.21 points.

There were 78 gainers against 113 losers with 51 shares unchanged. Value turnover amounted to P5.54 billion but the worrisome thing is that the net foreign selling has again gone up to P791 million on foreign selling of P3.106 billion and foreign buying of P2.315 billion which means that locals are still shying away from  the market.

PLDT was the most active stock with transactions of P392 million and the impact of the net foreign selling in the market was very evident with the trading performance of the telco, which is also listed on the US stock exchange. PLDT, reeling from a foreign selling of P179 million, lost P50 or 3.44 percent as it closed at P1,405.

Market bellwether SM Investments, meanwhile, gained on foreign buying of P62 million with its share price opening low and trading much lower to its lowest of P900 before an upsurge in buyiing before the close saw its share price hitting P937, its top price, for a gain of P22 or 2.42 percent.

Many of the stocks that showed foreign buying also posted gains at the close but after being driven down  to their lowest levels. Metrobank, with foreign buying of P9 million, first dropped to as low as P34.70 before hitting a high of P35.85 which is its top price to close 95 centavos higher.

Ayala Land posted a gain of 65 centavos to P31.95 bolstered by foreign buying of P139 million. That closing price happened to be its top price for the day but it had its share price drop to as low as P30.85. However, BDO Unibank which posted a top price of P90.05, up by 55 centavos, has to go through the wringer going down to as low as 88.85 after opening  at  P89.80 with foreign selling of P87 million.

SM Prime lost P35 centavos to P28.50 on foreign selling of P167 million, while Dito gained one centavo to P3.64 on foreign buying of P6 million. Jollibee Foods was affected by foreign selling of P45 million closing down 10 centavos lower to P134.90.

Market darling Merry Mart was unchanged at P3.03 with its top price at P3.11 and a low of P3.01.

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