PSE Index Up But Uncertainty Remains

The Philippine Stock Exchange (PSE) index today posted a significant rise but the doubts remain as the NCR Plus, which accounts for 70 percent of gross domestic product (GDP), switches to lockdown mode, meaning more than P110 billion in weekly losses, closing at 6,446.31 points, up by 176.08 points or 2.81 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, August 2, 2021

With the exception of mining and oil which declined by 2.55 percent, all other sub-indices were up with the holding firms posting the biggest rise at 2.97 percent followed by property, up 2.89 percent, financials, 2.60 percent, services, up 1.48 percent, and industrials, 1.38 percent.

Market perception remained weak with 119 losers, 78 gainers, and 46 shares unchanged and value turnover at just P3.428 billion indicating the non-presence of much foreign buying.

Market players see deep contraction ahead with the upcoming ghost month which usually results in the absence of investment buying.

BDO Unibank headlined the top active stocks as the listed companies controlled by the Sy siblings ended today's trading in the top three.

BDO was up by a hefty P4.50 or 4.14 percent to P106.50 with trades of P278 million, while market bellwether SM Investments closed higher by 3.79 percent or P34.50 to P945 with trades of P231, and SM Prime went up by 2.70 percent or 85 centavos to P32.30 on trades of P203 million.

Ayala Corp also posted a higher close at P747.50, up by P17.50 while its property subsidiary, Ayala Land also went up by 3.98 percent or P1.30 to P34.

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Jollibee Foods declined by P1.40 to P188.60 while Monde Nissin was unchanged at P14.78.

PLDT and Globe posted higher closing prices respectively at P1,257, up by P32 and P1,900, up by P40 while Dito CME lost 23 centavos to P6.68. Philippine Seven also went down by P2. to P90, together with PureGold which closed lower by 50 centavos to P39.80.

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