PH Stocks Suffer Further Sell-off

PHStocks 28/08/201329/08/2013 0 Comments 2GO, A Brown, A. Soriano, AGI, Alliance Global, Asia United Bank, Asian Terminals, AUB, Ayala, BDO, Centro Escolar University, CEU, CHIB, China Banking, Filinvest, Filipino Fund, GT Capital, GTCAP, I-Remit, JG Summit, JGS, MBT, Medco, Metrobank, MRC Allied, Philippine Racing Club, Philippine Seven, PLDT, Premiere Horizon, SECB, Security Bank, SM Investments, SMPH, Solid Group, Suntrust, Universal Robina, URC

Manila—(PHStocks)—Philippine stocks plunged further Wednesday, 28 August, as investors continue to unload their holdings. The mainboard Philippine Stock Exchange index (PSEi) closed today’s trading at 5,738.06, down by 3.02% or -178.93 points amid continued pessimism in global markets. This figure, however, is an improvement from an intraday loss of 354.86 points.

All counters remained in the red. The Property segment was still the biggest loser, shedding 4.39%. The Holding Firms sector followed, declining by 4.31%, while Financials slid by 3.87%. The wider All Shares index dropped by 3.06%.

The sell-off was heavy today. According to PSE data, value turnover reached PhP13.63 billion on 1.53 billion shares traded. Foreign buying reached PhP5.1 billion, while foreign selling was a whopping PhP10.83 billion.

Despite the market negativity, several stocks continue to perform; in fact, there were 28 gainers today. Losers, meanwhile, totalled 152, while 31 stocks were flat.

Today’s most active stocks include SM Investments Corp. (SM, PhP634.00, -7.45%), Metropolitan Bank & Trust Company (MBT, PhP99.50, -3.3%), Alliance Global Group Inc. (AGI, PhP23.25, -5.68%), Ayala Land Inc. (ALI, PhP24.40, -4.69%), Ayala Corp. (AC, PhP500.00, -3.47%), Philippine Long Distance Telephone Co. (TEL, PhP2,790.00, -1.2%), Universal Robina Corporation (URC, PhP110.00, -3.51%), BDO Unibank Inc. (BDO, PhP68.20, -5.28%), GT Capital Holdings Inc. (GTCAP, PhP690.00, -10.04%), SM Prime Holdings Inc. (SMPH, PhP14.96, -5.2%).