PSE UP IN THIN TRADE
The Philippine Stock Exchange (PSE) was up on thin trade today as the ABS CBN issue acted as an overhang to the market performance that was punctuated by the sheer lack of foreign investors.
With a razor-thin trade of just P3.11 billion, the PSE index showed a 61.95 point or 1.02 percent rise to finish the day at 6,150.70 points with brokers saying that the lack of enthusiasm from foreign investors is due to the perception on the ABS debacle.
ABS-CBN’s untimely closure had been the focal point of news stories from big guns in the media industry such as The New York Times, The Guardian and Al Jazeera , among others equating the broadcast giant’s transmission stoppage to the loss of press freedom.
Brokers said that the next news now being awaited is the forthcoming SONA of President Duterte and foreign investors are expectant of positive news to accentuate the market trading .
The rise in the property, holding and industrial sectors accounted for the gain in the PSE index but the lack of good economic news to balance the negative sentiments on the ABS issue has failed to ignite the market though there were 109 gainers against 75 losers and 52 issues unchanged.
Ayala Land led the surge for the property sector as it topped the most traded stock with a P1.25 gain to close at P32.95 on value turnover of P238 million. Megawide was the second most traded stock with a rise in its share price by 26 centavos to P7.50 on news of its project for the NAIA airport upgrade.