PSE UP A BIT DUE TO HOLDING FIRMS
The Philippine Stock Exchange (PSE) today was up a bit today in a day that belonged again to IPO darling Merry Mart which hit the freezing level for the third day in a row in a market that has seen a weakness due to the rise in the corona virus cases that could impact on the economy.
Lethargic trading was apparent in the market and save for the holding firms’ rise among the sectoral indices, the PSE index could have closed lower in trading that saw 92 gainers against 97 losers and 61 unchanged with value turnover robust at P8.09 billion.
The PSE was up fractionally by 0.26 points to 6,282.01 saved in part by the higher rise in the holding firms although many of the companies in that basket showed losses, among them GT Cap and JG Summit. What saved the day for the index was the rise in SM Prime and SM Investments which are index heavy.
But trading again centered on Merry Mart which surged to its freeze level of P3.37 , up 49.38 % with total trade of P321.71 million, providing welcome relief to investors as most of the blue chips were in negative territory.
Pure Gold , the first grocery chain like Merry Mart, was lifted up in the euphoria of the rise in the IPO of serial entrepreneur Injap Sia, finishing the day 90 centavos higher to P45.40.
The apparent weakness of the stock market was due in part to the reported rise in corona virus cases in Central Visayas that could affect the planned revival of the economy plus the perceived political fall out from the cyber libel conviction of Rappler’s Maria Ressa which elicited negative comments from across the globe.