PHILIPPINE STOCK EXCHANGE STILL LISTLESS

13 mAY 2020 - The Philippine Stock Exchange (PSE) remained listless today with a lack of solid news especially from abroad as the uncertainty over the effects of Covid 19 pandemic continues to hang over the market.

Losers outgunned gainers , 64 to 111, with 48 shares unchanged with the PSE index down by just 25.42 points to 5,626.25 points  although the fundamentals of the economy still remained vibrant in the fourth quarter.

This, however, is still a touchy issue due to the continued quarantine of Metro Manila which accounts for 70 percent of economic activity in the country, although value turnover was a bit down the average at P4.789 billion.

Ayala Land , Puregold and Meralco saved the day for the PSE index with ALI up by 70 centavos to P32.50 while Puregold was steady at P48 per share and Meralco was up P6 to P270 per share.

The three were the top most active shares traded today with respective trades of 675.8 million, P472 million and P452 million.

The continued uncertainty over the Covid 19 pandemic accounts for the listless trade as the government sees a contraction in its growth by a negative 2 percent last quarter and the third quarter.

With hopes pinned on the V recovery in the fourth quarter, the PSE is seen to get out of the dumps especially with the oil price seen at their lows for the year. #coronavirusimpact #COVID19PH