PSE DOWN AGAIN
The Philippine Stock Exchange (PSE) declined again in light trading with the index just less than 100-point shy from dropping below the psychological 6,000 point milestone today as investors digest the ratcheting of the Covid transmissions and the impact of the ABS CBN closure.
The top three actively traded stocks posted losses with their combined value turnover a fourth of the total value turnover of P4.115 billion, a dismal trading performance that shows the impact of the worsening foreign view of the country's business situation with the increasing Covid numbers and dim view on the closure of a media giant.
There were 69 gainers against 123 losers with 44 issues unchanged with just the industrials up minimally and the property sector bearing the brunt of the index decline which closed at 6,088.75 points , down 58.91 points or 0.96 percent.
SM Investments, Ayala Land and SM Prime were the top traded stocks and all three posted significant losses with SM Prime down by 4.59 per cent on value turnover of P285 million for it's closing price of P31.20, a loss of P1.50.
SM Investments was the top active stock at P566 million on its P13 decline in its share price to P920 while Ayala Land lost P1.20 or 3.65 percent with total trade of P449 million.
Globe Telecom was up by P12 while PLDT lost P9. Jollibee Foods rose by 60 centavos while Bank of PI dropped by 50 centavos .
Market darling Merry Mart lost 9 centavos in trading that clearly shows anemic interest as the top gainers were up by just 10 percent .
Market pundits say that the effects of the pandemic could resonate some more in the next trading days as the government grapples with the worsening Covid numbers locally and bad image internationally.