Index dives as investors unload select blue chips
MANILA, Philippines — The stock market plunged yesterday as index heavyweights SM Prime Holdings and Ayala Corp. suffered heavy declines amid developments that affected their respective share prices.
The benchmark Philippine Stock Exchange index (PSEi)retreated by 148.72 points, or 1.85 percent, to settle at 7,864.70.
Likewise, the broader All Shares gauge was down 73.49 points, or 1.53 percent, to settle at 4,715.13.
The rest of the indices suffered heavily as well led by the property, holding firms, industrial, mining and oil and services.
Total value turnover reached P20.15 billion and market breadth was negative, 127 to 64 as decliners outpaced gainers. Fifty issues were left unchanged.
The total value turnover included special block sales involving eight securities including Ayala Corp. and Ayala Land.
Traders said the market finished in the red because of the blows suffered by SMPH and Ayala Corp., which declined 6.9 percent and 5.3 percent, respectively.
Total net foreign selling amounted to P1.2 billion, a marked turnaround from the near P1 billion inflows the past days.
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