PSE DOWN ANEW

By The Financial District
Jul 24, 2020
2 min read

The Philippine Stock Exchange today flirted below its 6,000-point psychological milestone 30 minutes before the close of trade and ended the day 25.75 points lower at 6,003.26 points in dismal trade that analysts said indicate the lack of enthusiasm from foreign investors and even local investors who opted to stay in the sideline as the Covid-19 pandemic shows higher transmission rates.

Value turnover was just P2.944 billion, less than half the usual trading volume in the stock market and shows clearly the effect of the perception from foreign investors on the closure of ABS-CBN on the prevailing perception that press freedom was an issue in the Congressional vote-out vs the broadcast giant’s attempt at the renewal of its franchise.

There were 93 losers against 91 gainers with the property sector showing a bigger loss of 1.58 percent on account of the perceived lower take up of condo and housing units . Foreigners have earlier been the biggest buyers of condo units as the Condominium Law allowed foreigners to have titles to their condo units as long as the total condo units sold in a particular building is 40 percent.

Market analysts predict the PSE to be in the doldrums soon for the lack of any great economic news for the country that is now reeling from the Covid 19 pandemic , much like other nations.

ABS-CBN shares bore the brunt of the sell-down with its share price posting the biggest loss among the listed issues. It ended the day at 26.25 percent lower at P7.64 while its PDR issue which was one of the issues questioned by Congress, dropped by 24.73 percent in closing at P6.85.

GMA 7 was one of the 91 gainers , closing 8 centavos higher to P5.63 while Ayala Land posted a big loss of P1.30 to P32.50 . In the telco front, PLDT posted a gain of P10 to close at P1,340 while Globe Telecom lost P26 to P2,090.

Market darling Merry Mart surged to life accounting for the second most active stock as it went up by 16 centavos to close at P2.35 on value turnover of P173 million while SM Prime was unchanged at P30.50.