PHILIPPINE STOCK EXCHANGE DOWN; ABS-CBN IN HEAVY TRADE
Losers today outstripped gainers 141 to 56 shares with 32 issues unchanged as the stock market opened weak in thin trade of P3.952 billion on lack of positive news sentiment.
The PSE index was down 1.25% to 5,479.35 points as the lack of positive news failed to ratchet up interest in the market especially with the looming tit-for-tat again between the two biggest economies in the world, US and China.
ABS , with its suspension lifted, accounted for heavy trade of P65.56 million although it was down from its previous closing price of P17.50 on speculative play. Investors were betting that the broadcast giant may soon get back its franchise shortly.
The most active stocks were in the red with BDO, Puregold ,URC, ALI and MBT down in today’s trade. MBT lost 4.08 %, BDO, 3.24 %, URC, 3.08 %, ALI, 2.03 % and Puregold 1.09 %
SM Prime and SM Investments were up as the malls opened today.