Shares continued to decline on Friday, pulled down by index heavyweights unloaded by foreign investors.
The 30-member Philippine Stock Exchange index lost 0.56% or 48.01 points to 8,467.56 on Friday, failing to follow the general upswing seen in global markets. The broader all-shares index likewise declined 0.47% or 23.63 points to 5,063.56.
“Overall, we traded sideways which was what we expected. Several blue-chip issues took significant losses as we see continued net foreign selling,” Eagle Equities, Inc. Research Head Christopher John Mangun said in a report.
Papa Securities Corp. noted that blue chip JG Summit Holdings, Inc. (JGS) dragged the index, after dropping 2.75% or P2.05 to P72.50 apiece on Friday, with foreigners selling P167 million worth of stocks in the firm. This follows Ayala Land, Inc., which was sold down 0.79% to P43.90 each, for an aggregate value of P250 million from foreign investors.
“We also saw selling pressure on the country as the Asia/Pacific region was up when Philippine net foreign selling surpassed the P1-billion mark again at P1.04-billion, the last time we saw this much selling was last Monday, Feb. 12,” Papa Securities Trader Gabriel Perez said in an email. — Arra B. Francia
