PSE UP BUT WEAKNESS REMAINS
The Philippine Stock Exchange (PSE) posted another gain today with investors buying stocks that have dropped considerably but the weakness remained with selected blue chips posting losses on sell-down from foreign investors, with net foreign selling at P263 million.
PSE’s index went up by 58.06 points or 1.006 percent to close at 5,833.56 points but there were a total of P2.8 billion in foreign selling against P2.54 billion in foreign buying that included two big block sales of Ayala Land and SM Investments at P187 million and P185 million respectively.
Gainers outpaced losers 128 to 75 with 27 shares unchanged with value turnover at P5.383 billion as all the sub-indices were in positive territory with the mining and oil counter exhibiting the biggest percentage gain at 3.32 percent. Financials were up 2.60 percent, industrials, 0.81 percent up, holding firms, 0.14 percent, and property, 1.24 percent.
Foreign investors continued to be net sellers in the stock market adding to the uncertainty over the stock market as the country continues to grapple with the upsurge in Covid 19 transmissions with the Philippines seen to be the epicenter of the pandemic in Southeast Asia.
The impact of foreign selling had Ayala Corp losing P5 to P700 although its property subsidiary Ayala Land went up in anticipation of its projected IPO listing of its Real Estate Trust before the year ends.
Also getting hit by the foreign sell-down was Security Bank, which cratered to P88.50, down 65 centavos as P48 million worth of foreign selling arose in trading today. Puregold also went down 70 centavos to P48 as it also had P39 million worth of foreign sell-down, while GTCap lost P3.80 to close at P405.20 with foreign selling of P44 million.
Ayala , Puregold and Security Bank plus Meralco which lost P1 to P258 were the only four shares that posted losses in the Top 20 most active stocks that was headlined by ALI with 30 centavo gain on value turnover of P436 million followed by SM Investments, up P5 with transactions of P397 million.
Market darling Merry Mart posted a one peso gain and was within the magic 20 stocks , together with Jollibee which rose by a hefty P4.80 , Metro Pacific, up four centavos and Metrobank and Bank of PI up by P1.40 and P1.00 respectively.
Shares of ABS CBN lost four centavos to close at P7.31 as its continued closure, which hurt the foreign investment image of the country, weighed down on the company’s offerings.