Stocks stay in green post SONA

The stock market managed to stay in positive territory yesterday a day after President Duterte delivered his second State of the Nation Address (SONA).

The PSEi ended at 7,971.72, up 9.08 points, or 0.11 percent, while the broader All Shares index lost 5.34 points, or 0.11 percent, to settle at 4,753.33.

Traders said the benchmark Philippine Stock Exchange index (PSEi) failed to reach the 8,000 mark because there weren’t enough market moving catalysts as the President’s two-hour speech did not really provide updates on his economic program.

Instead, Duterte focused on the campaign against illegal drugs, saying it would continue and would be unrelenting. He also did not say when the war in Marawi would be over even as he extended martial law until December.

“What was said before on the infrastructure plan is still the same — increasing the budget to seven percent from five percent but no enumeration of what has been done so far,” a trader from a local securities company said.

The sectoral indexes, meanwhile, were a mixed bag with the financials, industrial and mining and oil index closing in negative territory.

On the other hand, the holding firms, services and property gauges were up.

Total value turnover improved to P6.23 billion as market breadth was negative — 142 to 64 while 46 issues were left unchanged.