‘Disappointed’ traders drag down PSEi
Traders disappointed with the omission of several key issues in President Marcos’ fourth State of the Nation Address (Sona) took a toll on the local bourse on Tuesday.
By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) had lost 0.85 percent or 54.33 points to end at 6,325.42.
The broader All Shares Index likewise retreated to 3,780.08, down 0.35 percent or 13.41 points.
A total of 1.04 billion shares worth P6.86 billion changed hands, stock exchange data showed. Foreign outflows were at P429.15 million, contributing to the index’s decline.
Japhet Tantiangco, research head at Philstocks Financial Inc., said that investors were mostly disappointed when Mr. Marcos failed to mention some of the country’s most pressing issues. These include online gaming regulations, US-Philippine trade relations and fiscal consolidation plans.
Instead, the President lambasted erring government officials who supposedly neglected crucial flood control projects that could have prevented the devastating impact of the recent tropical storms.
DigiPlus Interactive Corp. was the main beneficiary as it emerged as the most actively traded stock, rallying by 11.06 percent to close at P35.65 each.
It was followed by International Container Terminal Services Inc., down 4.08 percent to P447; BDO Unibank Inc., down 0.34 percent to P148.50; Ayala Land Inc., down 1.95 percent to P25.20; and Bank of the Philippine Islands, down 0.82 percent to P121 per share.
Others were SM Investments Corp., down 1.43 percent to P830; Bloomberry Resorts Corp., down 8.99 percent to P4.15.
