PSE IN MARGINAL RISE

The Philippine Stock Exchange (PSE) today posted a marginal gain on a late charge but the cloud of uncertainty still hangs over the market due to the perception from foreign investors regarding the closure of Philippine TV giant ABS CBN resulting in another tepid volume of trade.

PSE’s index was up by almost a quarter point though it was in the doldrums in much of the trading session until investors pumped in more than a billion peso in trades that benefitted property and holding firms that dropped to irresistible price points.

As a result, the PSE index closed the day at 6,172. 81 points, up by just .24 points with gainers behind losers, 87 to 126 while 29 shares were unchanged, with value turnover of just P5.12 billion indicating the loss of appetite from investors on the local market.

Value turnover was a slow P5.12 billion in a market that saw big gainers yesterday posting big losses in a preview of the distaste from foreign investors with the perception on the media handling of the government showing off.

GMA 7 , the second most active stock yesterday, posted an 88-centavo decline In its share price while Manila Bulletin, which posted a price freeze saw its share price similarly going down , together with that of Manila Broadcasting . Bulletin shares dropped by 40 centavos while MBC went down by P1.24.

Market pundits said that the sharp reversal in the share prices of selected stocks show a negative sentiment from foreign investors who have been worried over the ABS CBN’s denial of its initial attempt at a renewal of its franchise.

 This negative sentiment is seen to hang over the stock market especially with the added worry on the increasing number of Covid-19 transmissions that impact the economy. Thus , market darling Merry Mart saw its share price drop to P2.65, a big loss of 10.47 %.

Only Ayala Land posted a significant gain owing to its forthcoming listing of its real estate investment trust. It closed P1.10 to P33.50, its highest price point after opening at P32.80 and dropping further to P32.55 that signified the looming distrust of the local market, before bargain hunters came in in droves to hit up the share price.

BDO Unibank was up P1.35 while Bank of PI shed P3.20 per share while the other notable trades were Metrobank which was unchanged, MRC Allied posting a price freeze followed by Transpacific Broadbank which rose by 48.18 % and Wellex which went up by 15.25 %. They were the top three gainers .