PHILIPPINE STOCK EXCHANGE UP IN THIN TRADE
The Philippine Stock Exchange (PSE) started strong today but succumbed to profit taking as punters cashed in their gains in thin trade as the uncertainty continued to hover over the market as evidenced by the opposite performance of sister-firms.
Opening with positive sentiments 18 minutes after the bell, the index went up by 82.53 points or 1.51 % but it shed this gain as the market wrapped up the day to end with just 76.50 points or 1.40 % up on a thin P4.04 billion with gainers outpacing losers 90 to 80 with 44 shares unchanged.
The looming geopolitical rift between the two biggest economies, US and China on the issue of trade is seen as a factor absent clear signals from the Philippine economy that a V shaped recovery is at hand by the last quarter of the year.
ABS was once of the losers today as it failed to get the TRO from the Supreme Court as the company president, Carlo Katigbak testified in Congress saying that the broadcast giant may have to lay off workers starting August.
Shares of ABS opened at P16.22 per share and that was its highest traded price as it went down to as low as P15.60 before recovering its bearing to close at P15.80 on total trade of P20.38 million.
JG Summit went up by 5.75 % to close at P47.80 but its sister-firm URC turned in a losing performance as it dropped by 1.43 % to P124.20 per share. Another firm affiliated with the Gokongwei group, Robinson’s Retail Holdings went up by 5.23 %to P72.40.