Foreign selling pulls index in the red anew
Iris Gonzales (The Philippine Star) - May 16, 2019 - 12:00am

MANILA, Philippines — The stock market ended in the red anew, dropping by another 69.95 points, or 0.92 percent to finish at 7,576.71.

Likewise, the broader All Shares index was down 28.37 points or 0.60 percent to close at 4,708.17.

The rest of the sectors were also in bad shape except for the services which finished in the green.

Total value turnover reached P7.231 billion. Market breadth was negative, 98 to 92 while 52 issues were unchanged.

“The index steadily dropped throughout the day after a strong start in the morning to end 69.95 points lower at 7,576.71 after even being sold down at the close. The net foreign selling of P1.2 billion may have been the culprit,” said Gabriel Gio Perez of Papa Securities.

Decliners were led by Jollibee Foods Corp. (down 3.2 percent), DMCI (down 3.1 percent) and Robinsons Land (down 2.7 percent).

SM, meanwhile, had the highest net foreign selling of P201 million followed by Ayala Corp.’s P145 million and JFC’s P132 million.

Bloomberry and San Miguel Corp., on the other hand, were among the gainers with an uptick of 5.6 percent and two percent, respectively.

“With the PSEi firmly closing below its 200-day moving average support, support level to now look to if foreign selling persists in the coming days would be the area of December 2018’s low of 7,350,” Perez said.

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