PSE MARGINALLY UP (MAY 28, 2020)

The Philippine Stock Exchange (PSE) index today went up marginally in a thin trade as the lack of a catalyst in the local economic front failed to sustain the momentum  of the surge in buying after a tentative start with the index showing a downward trend.

PSE’s index closed at 5,570.22 points, up by 46.44 points or 0.84% with gainers outpacing the losers , 113 to 75 with 38 shares unchanged on value turnover of P4.471 billion as the lack of impetus dampened the renewed buying interest.

Jollibee Foods lost P5.90 as investors sold their stocks of the food giant on prospects of a longer normalcy in its business as it comes to grips with additional expenses for the so-called new normal,  no doubt hampered by its acquisition of other food chains that cost a dent on its balance sheet.

The tentativeness in the stock market today was evidenced by the differing outcome of the bank stocks with banco de oro, bank of pi, metrobank and security bank showing gains while Philippine business bank and phil bank of communications showed losses.

Market punters said the investment community is awaiting word on what the new quarantine rules would be as the government tries to come up with a new formula for either the General Community Quarantine, Modified Enhanced Community Quarantine or other kinds of setups that would really show how the economy would fare.