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PSEi dips for fourth day on post-SONA investor disappointment

Business | The Stock Market

PSEi dips for fourth day on post-SONA investor disappointment

By James A. Loyola

The Philippine Stock Exchange index (PSEi) fell for the fourth consecutive day, reacting to the President’s State of the Nation Address (SONA) which investors felt did not adequately address pressing economic concerns.

The main index shed 54.33 points, or 0.85 percent, to close at 6,325.42 on Tuesday, July 29. The Services sector led the decline, while the Property counter remained stable. Trading volume increased to 1.04 billion shares valued at P6.86 billion, with losers outnumbering gainers 117 to 70, and 62 stocks unchanged.

“The PSEi declined as the market is still digesting the news that BSP is set for two more rate cuts for this year,” commented a market analyst. “Also, prices are already reflecting the sentiments of investors regarding the earnings of various companies.”

Philstocks Financial Research Manager Japhet Tantiangco further elaborated, “The local market extended its decline as investors digested President Ferdinand Marcos Jr.'s latest State of the Nation Address. Investors expressed dismay as some of the most pressing issues currently were not mentioned in the SONA, including online gaming regulations, US-Philippine trade relations, and fiscal consolidation plans.”

Tantiangco added, “The peso's further depreciation also weighed on the market.”

Related Tags

Philippine Stock Exchange Regina Capital Development Corporation Luis Limlingan Japhet Tantiangco Philstocks Financial

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