SHARE prices were little changed on Tuesday as investors were lukewarm on President Duterte’s second State of the Nation Address (Sona) the Chief Executive delivered after trading hours of July 24.
Analysts said investors continue to take their positions ahead of the earnings-report season, which may start next week, instead of using the President’s policy pronouncement in his Sona.
The benchmark Philippine Stock Exchange index (PSEi) rose 9.08 points to close at 7,971.72, while other indices ended mixed.
“The Philippine stock index managed to close a bit on the upside post-Sona, positioning ahead of the sectors that will benefit most and selling those that may be left behind the administrations platform,” said Marita Limlingan, president of Regina Capital and Development Corp. “This was coupled with the US markets closing relatively mixed.”
Other subindices ended mixed after the main index was down almost all day, but surged at the end of the trading day.
The broader All Shares index closed lower by 5.34 points to 4,753.33, the Financials index shed 14.27 to 1,948.85, the Industrial index fell 39.92 to 11,153.17, the Mining and Oil index declined 79 to 12,849.09, the Property index rose 27.57 to 3,800.11, the Holding Firms index increased 6.81 to 7,906.13 and the Services index gained 1.09 to 1,694.30.
Total volume of trade reached P6.22 billion, lower than the year-to-date average of more than P7 billion. Losers edged out gainers 142 to 65 and 46 shares were unchanged.
Metropolitan Bank and Trust Corp. was the day’s most traded but was down P2.65 to P85.35, Ayala Land Inc. rose P0.55 to P43.20, Metro Pacific Investments Corp. gained P0.14 to P6.84, Semirara Mining and Power Corp. climbed P2.90 to P171 and DMCI Holdings Inc. fell P0.30 to P15.50.
Image credits: Nonie Reyes