Stocks remain in red following Wall St drop

MANILA, Philippines — The stock market traded in the red again yesterday, finishing 22.01 points, or 0.27 percent, lower at 7,855.18.

Likewise, the broader All Shares gauge slipped 5.48 points, or 0.11 percent, to end at 4,681.20.

The sectoral gauges were a mixed bag with the industrial, holding firms and mining and oil all in the red. The property, services and financial sectors finished in positive territory.

Commenting on yesterday’s trading performance, Gabriel Perez of Papa Securities said: “The index traded in the red yesterday upon the resumption of net foreign selling and following the decline in US markets last night. The PSEi closed 22.01 points in the red at 7,855.18.”

Net foreign selling hit P156 million, a reversal of Monday’s net foreign buying of P359 million.

Gainers include PLDT (up two percent), DMCI (up 1.6 percent), and JG Summit (plus 1.3 percent). The three firms had the largest gains of the day.

On the other hand, LT Group was down (4.4 percent), as was Universal Robina Corp. which slipped 3.7 percent and Jollibee Foods Corp. lost three percent.

“LTG was notably sold down at the close, while URC had the second highest net foreign selling print of P65 million — only following DMCI’s P70 million of outflows,” Perez said.

He said the markets should still be dictated by foreign flows and US market movement in the coming days.