PSE RECOVERS, BUT MERRY MART ROCKS
The Philippine Stock Exchange today recovered although with value turnover a tad lower as Merry Mart continued its winning ways and once again breached the price freeze ceiling of another 50 % run.
Save for the industrial sector, all other counters showed gains with the financials staging a great comeback after yesterday’s huge decline but the day belonged to Merry Mart, the second grocery chain on the stock exchange to list, as it again reached the price freeze in less than an hour of trading.
PSE closed 1.91% higher or 117.93 points to 6,281.75 points , clawing back half of what it lost in yesterday’s huge decline but was enough to shine a light of hope on the stock market and make traders optimistic.
Value turnover stood at P6.98 billion, a bit low from its previous trades indicating the continued uncertainty but the number of gainers gave hope as there were 141 shares up against 54 decliners and 46 issues unchanged.
But the day belonged again to Merry Mart, the IPO of serial entrepreneur Edgar Injap Sia, as it zoomed immediately to P2.25 after opening at P1.92 for a 125 % gain for the IPO buyers. Pundits have flagged the issue as its IPO price of P1 had a not-so-enviable PE ratio.
BDO Unibank ratcheted to more than P100 again shepherding the surge in the financials as it closed P3.40 higher to P102.40 on a value turnover of P290.45 million, behind Merry Mart’s fourth-place finish in the most active listing with P301.2 million.
The other notable gainers were Ayala Corp , up by P25 to P775; Ayala Land, up 10 centavos to P35.90, Emperador, up 5 centavos to P7.95 . Also up were SM Prime, ICTSI, Alliance Global, and PLDT.
Among the losers were Jollibee Foods which lost P1.70 to P142.50 while another Sia company Double Dragon did not fare well today, losing 4.44% to P19.16, the second biggest decliner.
Today, investors will have their eyes glued again on Merry Mart providing the market pundits the necessary conversation piece on the gyrations in the stock market.