THE PHILIPPINE STOCK EXCHANGE TESTS NEW LOW

The Philippine Stock Exchange (PSE) is set to test new lows and absent any good news next week could fall below its 5,500 point level as the lack of any concrete business news bedeviled the market with all counters in the red.

PSE’s index went down by 65.30 points or 1.17 % to 5,539.19 points as investors opted to wait it out as others sold their positions with the Dow Jones  down on news of a resurgence in US-China trade tension and pile up in unemployment due to the Covid 19 pandemic.

Losers overwhelmed gainers 125 to 49 with 44 shares unchanged in a market that has been so far tentative due to lack of great news especially on the government’s handling of the coronavirus pandemic.

All counters were in the red as the financials, mining and oil and properties declined. BDO, BPI and Metrobank were the day’s losers together with property giant Ayala Land which went down by 3.59 % to P30.90.

Analysts see the market in a trough and volatility is seen for a longer period as the corona virus plays out.