Stocks barely move past SONA, traders ready for Q2 earnings

MANILA, Philippines — The market traded on thin volume yesterday following President Duterte’s 4th State of the Nation Address which had no market moving pronouncements.

The benchmark Philippine Stock Exchange index (PSEi) virtually ended flat with just 4.63 points, or 0.05 percent, uptick to settle at 8,251.46.

Last minute buying managed to bring the index in the green zone but this was not the case with the broader All Shares index which declined by 3.72 points, or 0.07 percent, to 4,990.95.

The sectoral indices were mixed but biased toward positive territory with the mining and oil, holding firms, industrial and property gauges finishing higher.

On the other hand, the services and financials were down.

Total value turnover was thin at P6.721 billion and market breadth was still negative despite the index ending in the green zone.

There were 103 decliners and 88 advancers while 57 issues were left unchanged.

“Late afternoon bargain hunting lifted the local market by 4.63 points (0.06 percent to 8,251.46,” Philstocks Financials said.

Philstocks said that traders would now be looking at second quarter  corporate earnings results now that President Duterte has already delivered his SONA.

During his fourth SONA, the President took the chance to press for new taxes again, particularly alcohol and cigarettes among other tax measures.

Philstocks said that with the SONA already concluded, investors would now look for other indicators such as second quarter corporate earnings results.