PSEi today after a hopeful bounce last Friday ended in red at 4,644.49 down by 35.40 points or 0.76%. In the intra-day, the index hit a day-low of 4,612.12 then just closed higher minutes before the closing bell. Heavy selling was experienced today outpacing advancers by decliners with a stat of of 48-113-42 advancers, decliners, and unchanged. Lopez stocks were the day's highlight, the three stocks namely, FPH, FGEN, and EDC declined sharply by 7.82%, 9.97%, and 10.16% respectively.
EDC and FGEN, both PSEi stocks dragged the index down with heavy trading volume reaching Php942M and Php475M respectively. News came out today that EDC's Bacman Rehabilitation project which was originally targeted to be finished by first quarter of this year was moved down to September. This delay would probably affect EDC's projected earnings for the year. Investors, on panic dumped stocks of EDC and other issues who have substantial holdings to it like FGEN and FPH.
Leading index gainers were today by JGS, AP, SMPH, and TEL. Four of the few ten index stocks today that didn't end in red.
Uncertainty is in the air again. Just recently, Fitch cut credit ratings on Italy, Spain, Belgium, Slovenia and Cyprus, and lowered its outlook on Ireland, saying the “near-term economic outlook highlights the greater vulnerability to monetary as well as financing shocks faced by these sovereign governments.”
It looks like that we are having a rough one this week. My guess is only as good as yours. Happy trading!