Index ends slightly lower as foreign funds unload
MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) ? nished ? at yesterday, ending 0.18 percent, or 14.08 points lower at 7,898.06 as foreign selling continued to hound the market.
The broader All Shares index also slipped 12.32 points,
or 0.26 percent, to end at 4,717.40.
Meanwhile, most indexes were also down with only the services and property indices ? nishing in positive territory. Total value turnover was thin at P4.130 billion. Market breadth was negative, 106 to 72 while 52 issues were unchanged.
Traders said net foreign selling hounded the market yesterday. “Net foreign selling continued to plague the index as the PSEi ended ? at yesterday, down only 14 points to close at 7,898.06. Net foreign selling stood at P655 million,”
said Gabriel Perez of Papa Securities. Among the biggest losers were DMCI Holdings which dropped 8.4 percent and Semirara Mining Corp. which lost 6.6 percent. This after Semirara received a letter from the De
partment of Energy directing to suspend its mining activities. As a result, DMCI had the second highest net foreign selling print of P125 million. On the other hand, Lucio Tan owned LT Group ended the day 5.2 percent higher.
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