PH Stocks End Lower on Continued Sell-off

Manila—(PHStocks)—Philippine stocks extended their declines Friday, 21 June, as most foreign investors continued to take out funds from the market. According to the Philippine Stock Exchange (PSE), foreign buying reached PhP6.85 billion while foreign selling hit PhP9.12 billion.

The benchmark PSE index (PSEi) declined further by 2.28% or 144.5pts to close the week at 6,182.17 amid continuing over-reaction to the Fed’s announcement that it may consider tapering of its stimulus program by the end of the year.

All counters are in the red, led by the Mining and Oil index, which plunged by 9.55%. The Industrials slid by 3.83%, while the Property sector declined by 2.65%. The wider All Shares index, on the other hand, slid by 2.52%.

Trading was heavy. Turnover reached PhP12.96 billion on 3.41 billion shares traded. There were 31 gainers against 141 losers, while 23 stocks were flat.

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The top most active stocks are Philippine Long Distance Telephone Co. (PLDT, PSE: TEL), SM Investments Corporation (SMIC, PSE: SM), BDO Unibank Inc. (PSE: BDO), SM Prime Holdings Inc. (PSE: SMPH), Metropolitan Bank & Trust Company (Metrobank, PSE: MBT), Ayala Corp. (PSE: AC), Universal Robina Corporation (PSE: URC), Globe Telecom Inc. (PSE: GLO), Alliance Global Group Inc. (PSE: AGI), and Bank of the Philippine Islands (PSE: BPI).

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