MANILA, Philippines — The stock market tumbled yesterday as market investors opted to stay on the sidelines and wait for possible future directions from President Duterte’s State of the Nation Address (SONA).
The benchmark Philippine Stock Exchange index (PSEi)closed at 8,246.83, down 23.24 points or 0.28 percent.
Likewise, the broader All Shares gauge ended at 4,994.67, down 16.04 points or 0.32 percent.
All other sectors were down as well except for the holding firms, which managed to end in positive territory. It was the lone sector which ended in the green yesterday.
Total value turnover reached P5.985 billion. Market breadth was negative, 103 to 80 while 61 issues were unchanged.
Philstocks Financials said: “The local market closed in red territory as investors await the current administration’s State of the Nation Address. Still, it held its ground in the bull territory closing at 8,246.83, down by 23.24 points or 0.28 percent. Conglomerates eked gains worth 0.11 percent. The rest declined led by properties shedding 0.86 percent.”
The market closed before the SONA even started but President Duterte was expected to trumpet the economy’s gains such as the 6.5 percent average growth during the first 11 quarters of the Duterte administration.
He is expected to rally Congressional support for pending measures such as TRABAHO bill as well as the lifting of restrictions in the Constitution.