8 months PSEi back at 7,800; foreign selling tagged Manilatimes |Biz
THE stock market fell back to the 7,800 level on Wednesday, with analyts pointing to heavy foreign selling and the absence of positive catalysts. The benchmark Philippine Stock Exchange index (PSEi) plunged 1.24 percent or 99.04 points to close at 7,889.12. The broader All Shares declined by 0.96 percent or 46.75 points to finish at 4,849. 36. P2P Trade Online sales associate Gabriel Jose Perez said net foreign selling had dragged the index down. Foreign funds bought P4.5 billion and sold P4.75 billion for a net foreign selling position of P250.66 million. In a separate comment, Regina Capital Development Corp. ... more