Heavy foreign selling depresses market; index down

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The sluggish mood persisted at the local stock market on Tuesday as investors worried about how long the so-called National Capital Region Plus will remain under strict lockdown protocols.

The Philippine Stock Exchange index (PSEi) slipped by 10.13 points or 0.16 percent to close at 6,359.15, declining for the third straight session.

Local stock brokerage Papa Securities said the story remained the same for local equities, which continued to be battered by heavy foreign selling amid the return to stricter quarantine restrictions following the surge in new COVID-19 cases in Greater Metro Manila.

“Persistent foreign selling and unclear directions on what happens to lockdowns in the long-term would likely keep a lid on any optimism for the PSEi,” the brokerage said.

“That said, support area that we might see the index touch sooner rather than later would be at the 6,170 to 6,000 area,” it added.

Except for the financial counter which added 0.27 percent, all counters ended lower. The steepest decline was seen by the mining/oil counter, which lost 2.29 percent.

Trading was thin at P4.63 billion. Net foreign selling amounted to P371.77 million.

There were 149 decliners that outnumbered 57 advancers, while 43 stocks were unchanged.

Megaworld fell by 2.55 percent, while Bloomgerry declined by 1.69 percent. Ayala Land—the day’s most actively traded company—lost 1.39 percent.

SM Prime, Globe Telecom and Jollibee all shed less than 1 percent.

Notable decliners outside the PSEi included Basic Energy, which slid by 8.05 percent. Dito fell by 3.41 percent, while mining stocks Philex and NIKL lost 1.64 percent and 2.47 percent, respectively.

—Doris Dumlao-Abadilla INQ


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