PSE IN SO-SO RISE

The Philippine Stock Exchange was in a so-so rise today with value turnover saved only by a tender offer transacted involving the shares of FGen, a power firm.

Opening low, the PSE index was headed for a 70 plus point decline when cherry picking of selected blue chips saved the day for the index's marginal 1.99 point increase to 6,209.71 points .

The marked lack of interest in the market still stemmed from the continued scarcity of solid.economic news to counter the uncertainty hovering over the Covid 19 pandemic.

There were 95 gainers and 98 losers with 47 shares unchanged with value turnover at a high P15.65 million on account of the FGen cross valued at P9.6 billion.

A Singapore based firm Valorous Asia Holdings Pre Ltd bought the FGen shares after a tender offer with a per share price of P22.50 

FGen, a power firm under the Lopez group, has a portfolio of renewable energy with a combined capacity of 2,011 megawatts.

It has gas-fired power plants namely Sta.   Rita, San Lorenzo, San Gabriel and Avion in Batangas. It is powered by the Malampaya gas field off Palawan.

The company is putting up the first floating storage regasification unit powered by LNG which is expected to be operational possibly next year.

Market darling Merry Mart still continued to be within the radar of the investment community , hogging the third most active stock with value turnover of P224.19 million with its share price down by 14 centavos to P3.36.

Altus, the property subsidiary spun out by Robinson's , was the most active with trades of P1.13 billion with a 50 centavo increase to P42.10 followed by SM Investments with value turnover of P1.045 billion with its price down by P19 to P920 per share. 

The financials carried the day for the marginal rise though BDO Unibank was down by 10 centavos to P97.90.

Metrobank and Security Bank carried the day for the financials with their 50 centavo and P1.80 respective increases