Sell-off Pulls PH Stocks Below 6000 Level

Manila—(PHStocks)—Philippine stocks succumb to sell-off amid continued investor pessimism gripping the market. The benchmark Philippine Stock Exchange (PSE) index dropped by 3.42% or 211.12 points to close today’s trading at 5,971.05 – losing close to 20% of its value since it hit a market high of 7392 in the middle of last month. China’s slide into the bear market territory also weighed in today’s trading.

According to PSE data, value turnover reached PhP8.6 billion today, with foreign buying recorded at PhP4.17 billion and foreign selling, PhP4.73 billion.

The sell-off was across the board. The Financials index led the losers, shedding 4.69%, while the Mining & Oil index fell by 4%. The Holding Firms sector, meanwhile, declined by 3.97%. The wider All Shares index, on the other hand, dropped by 3.52%.

There were only 17 gainers today compared to 165 losers, while 34 stocks were flat.

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Today’s top gainers include Philippine Long Distance Telephone Co. (PLDT, PSE: TEL), Metropolitan Bank & Trust Company (Metrobank, PSE: MBT), Alliance Global Group Inc. (PSE: AGI), SM Prime Holdings Inc. (PSE: SMPH), Aboitiz Power Corporation (PSE: AP), Ayala Corp. (PSE: AC), SM Investments Corporation (SMIC, PSE: SM), Ayala Land Inc. (PSE: ALI), Universal Robina Corporation (PSE: URC), and Metro Pacific Investments Corporation (MPIC, PSE: MPI).

Top gainers:

Top decliners:

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