PSE DOWN ON LIGHT VOLUME
The Philippine Stock Exchange (PSE) today dropped on tepid trading in what market pundits say is a precursor of waning interest from foreign investors coupled with the lack of any significant news about the planned economic revival and the surge in coronavirus transmissions.
With value turnover of just P4.64 billion, the PSE index lost a minimal 24.81 points to finish the day at 6,172.57 points , with losers outpacing gainers 136 to 69 with 34 shares unchanged . The industrials, services and mining and oil sectors clawed back what would have been a bigger decline in the index.
GMA7 sizzled in today’s trading as ABS CBN was suspended on account of the Congressional committee vote denying the bid for a 25-year franchise renewal of the TV giant. Two other media outfits also figured in stellar roles in the stock market.
Manila Bulletin shares soared to its price freeze point of 50 % closing at 51 centavos for a gain of 17 centavos and the automatic stay on the trading price while Manila Broadcasting went up by a shade lower its price freeze as it ended the day at P16.64, occupying the second top gainer place.
Opening at P7.00 from its Friday close of P6.03, investors flocked to the issue big time resulting in the violent gyrations in its stock price to a high of P 8.50 and a low of P6.65 , its closing price . Value turnover was P498.41 million, the second biggest traded stock.
BDO Unibank was the top active stock with value turnover of P561.08 million as it closed with a huge decline of P3.20 as it went through a selling pressure from investors. There has been a lot of selling on the bank stock resulting in a touch-and-go trading performance .
PLDT, Globe Telecom and Dito posted gains today, together with Jollibee Foods while the losers include Ayala Corp., Holcim, First Gen and Puregold.