PSE Index In Slight Rise

The Philippine Stock Exchange (PSE) index today posted a slight rise even as the market continued its sluggish performance with trades down by 40 percent in another day of disappointing trades.

Photo Insert: The Philippine Stock Exchange (PSE) Index, July 19, 2023

Investors opted to wait on the sidelines amid a mix of good and bad economic news emanating from the government and other private sources on the country's huge debt of more than 14 trillion pesos.

Market analysts said that the continued lack of new revenue streams for the government is not looking great for the PSE as the programmed new measures continue to haunt the industries.

The aforementioned are to be affected and the powerful lobbies that are being erected against new revenues on those who can afford to pay the taxes. Analysts said the thrust to tax junk food could boomerang the country's growth prospects that may affect the economy.

Five of the sub-indices posted minuscule gains while the financials went down 0.31 percent. Industrials rose by 0.56 percent, holding firms by 0.06 percent, services by 0.44 percent, mining and oil by 1.13 percent and property by 0.32 percent.

Market bellwether SM Investments opened at P927.50, hit a low and high of P921 and P935 before closing at P921, down by P8 with trades of P188 million, the third most active stock.

BDO Unibank had trades of P414 million as it closed with a hefty rise of 1.58 percent to P141.70, up by P2.20 while Jollibee Foods also rose by P5 to P255 on trades of P226 million, the second most active.

Value turnover was at P3.66 billion with 80 gainers, 92 losers and 48 shares unchanged. Both SM Prime and Metro Pacific were unchanged respectively at P33 and P4.92 respectively.

Globe Telecom and PLDT posted gains of P31 to P1,847 and P17 to P1,306 while Aboitiz Equity rose by 30 centavos to P53.30, AgriNurture gained 8 centavos to P5.08, Aboitiz Power up by 80 centavos to P34.80, Ayala Land, up by 35 centavos to P26.05 and SM Prime was unchanged.

Metrobank went down by 50 centavos to P56 while Union Bank was unchanged at P72.50. Also unchanged was Metro Pacific at P4.92.

GT Capital went up by P5 to P530, ICTSI, by 60 centavos to P207.60, Bank of PI lost P2.70 to P113.40, Greenergy Holdings, up by 5 centavos to P0.57, Monde Nissin, up by 37 centavos to P8.72, Semirara Mining, down 10 centavos to P20.90, SSI Group, down by 9 centavos to P2.90, Puregold, down by 30 centavos to P29.50, and JG Summit, up by 70 centavos to P44.70.

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