PSE DECLINES IN LIGHT TRADE
The Philippine Stock Exchange (PSE) dropped slightly today with the financials suffering the brunt of the sell-down in another light trade as the emerging upsurge in the Covid-19 transmissions trumped the hoped-for revival of the economy that is at the center of government efforts.
PSE’s index suffered a small decline of 14.39 points to 6,136.31 as the services, holdings and mining and oil sectors saved the day for what could have been a bigger loss as the foreign investors continued to digest the many facets of the closure of ABS-CBN that has been viewed as inimical to press freedom by well-respected foreign publications.
Companies belonging to the Sy conglomerate suffered big declines with the sell=down noted in the top 20 most traded stock which accounted for three-fourths of the total value turnover of P4.37 billion , still below the normal daily trading volume of about P7 billion.
BDO Unibank suffered a big loss of 1.94 percent in the financials which accounted for the negative territory in the PSE. The financials had a combined decline of 1.04 percent which together with the industrials that gained 0.49 percent clawed back the gains of services (up 0.57 percent), holding firms (up 0.27 percent) and mining and oil( up 0.96 percent).
Aside from the BDO, the other Sy =controlled listed firms included SM Prime which went down by 2.21 percent to close at P31.00 and SM Investments which declined by 1.60 percent to close at P925. URC also declined by 2.94 percent to close the day at P122.10.
Market darling Merry Mart, which used to be in the top 20 active stocks was nowhere to be seen as the magic of the stock has apparently waned. Its share price lost 3 centavos to P2.46 on a volume of P41 million.
BPI was heavily traded in a losing position, closing the day at P70.70, down by 30 centavos on a value turnover of P556 million, the top actively traded stock.
Telco stocks were all down with PLDT losing P5.00 , Globe Telecom by P24 and Dito by 3 centavos. Jollibee Foods eked a gain of P1.20 to close at P134.70.