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Manila Bulletin devider Business devider PSEi plunges ahead of new composition on Monday

PSEi plunges ahead of new composition on Monday

Published Aug 13, 2021 04:11 pm

Local share prices plunged as foreign investors dumped stocks ahead of the effectivity of the new PSEi composition next week.

The main index fell 236.38 points or 3.61 percent to close at 6,320.19 after the Holding Firms counter lost 5.21 percent. Only the Financials sector managed to hold its ground.

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Volume was high at 1.93 billion shares worth P14.36 billion as losers beat gainers 134 to 63 with 45 unchanged.

“Shares were sold down at close as tracker funds following the PSEi had to rebalance their portfolios to allow ACEN and CNVRG to be included in their portfolios as several names were top sliced at MOC (Market-On-Close),” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Trading was also choppy in the region as investors digested the US economic data releases—PPI and initial jobless claims—concerning the Federal Reserve's plans to eventually reel in asset purchases.”

“Meanwhile others sold on news with no surprise from the BSP meeting yesterday afternoon... It's the sixth consecutive meeting that the MB has left the rates at all-time lows,” Limlingan said.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said that, “For the most part of the trading day, the local market was already incurring losses which was amplified by the last minute sell-off.”

He noted that, “Sentiment was bearish due to the continuous rise in COVID-19 cases with yesterday reaching 12,439 new case counts. The detection of more cases with the Delta variant also added to the pessimism.”

Despite foreign selling on key stocks, Tantiangco said foreigners were net buyers with net inflows amounting to P259.73 million.

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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