The Philippine Stock exchange Blue chip index managed to close again by 0.76% as news with better than expected GDP growth. Philippine second quarter GDP growth was higher than initially reported. The economy grew by 12%, faster than the 11.8% estimated previously, the Philippine Statistics. In addition the countries covid cases is staying at controlled levels where Alert level 2 for Metro Manila is sustainable.
The index close at 7,396.22 with a net foreign buying of 908.4 Million, second consecutive trading days with high net foreign buying.
The Blue chips stocks were lifted by reversal in direction for Converge ICT (6.02%) and continue up movement of Bloomberrry (4.13%). The decliner is led by Wilcon (-3.52%)
On the index sector the Finance managed to beat the market movement and closed at 2.23%.
The Philippine Stock Exchange main share index (PSEI) broke from its long term 7.3k resistance level as several good news were out in the day. This includes the Alert level 2 level declaration for Metro manila from Alert level 3 as the Covid cases continue to stay below 2k levels. Daily cases are just now below 1,900 level. The index manage to stay on the Bullish side of the day as more Blue chips recover and started to break out from there long term consolidations.
The Index closed at 7,340.77 level with a net foreign buying of 695.24Million.
For the Blue chip index stocks, gainers was led by Robinsons Land Corporation (6.46%) after news on the share buy-back of the company came up and Bloomberry(6.46%) with news of good earnings results for the quarter. Losers were only on three stocks AP, MBT and MPI.
For the index sector, all are in the green side as well with Property index (3.3%) and Service Sector (2.53%)
Metro Manila will be in Alert Level 2 from November 5 – 21 as per Proclamation form IATF
IATF has proclaimed that Metro Manila will have improve restriction levels as it is moved already to Alert level 2. This was done according to the decreasing levels of detected Covid cases. Under Alert level 2 the following restrictions will then be implemented.
Due to the improvement on the Alert level system the maximum capacity will be moved to 50% indoor venue capacity for fully vaccinated individuals only and those below 18 years of age, even if unvaccinated, and 70% outdoor venue capacity. Provided, that all workers/employees of these establishments are fully vaccinated against COVID-19 and minimum public health standards or MPHS shall be strictly maintained.
Venues for meetings, incentives, conferences, and exhibitions (MICE);
Permitted venues for social events such as parties, wedding receptions, engagement parties, wedding anniversaries, debut and birthday parties, family reunions, and bridal or baby showers;
Visitor or tourist attractions such as libraries, archives, museums, galleries, exhibits, parks, plazas, public gardens, scenic viewpoints or overlooks, and the like;
Amusement parks or theme parks;
Recreational venues such as internet cafes, billiard halls, amusement arcades, bowling alleys, skating rinks, archery halls, swimming pools, and similar venues;
Cinemas and movie houses;
Limited face-to-face or in-person classes for basic education subject to prior approval of the Office of the President;
Limited face-to-face or in-person classes for higher education and for technical-vocational education and training;
In-person religious gatherings; gatherings for necrological services, wakes, inurnment, and funerals for those who died of causes other than COVID-19 and for the cremains of the COVID-19 deceased;
Licensure or entrance/qualifying examinations administered by their respective government agency, and specialty examinations authorized by the IATF subject to the health and safety guidelines as approved by the IATF;
Dine-in services of food preparation establishments such as kiosks, commissaries, restaurants, and eateries, subject to Department of Trade and Industry (DTI) sector-specific protocols;
Personal care establishments such as barbershops, hair spas, hair salons, and nail spas, and those offering aesthetic/cosmetic services or procedures, make-up services, salons, spas, reflexology, and other similar procedures including home service options, subject to the sector-specific protocols of the DTI;
Fitness studios, gyms, and venues for individual non-contact exercise and sports, subject to DTI sector-specific protocols. Provided that patrons/clients and workers/employees wear face masks at all times and that no group activities are conducted;
Film, music, and television production subject to the joint guidelines as may be issued by the DTI, Department of Labor and Employment, and the Department of Health;
Contact sports approved by the LGU where such games shall be held;
Funfairs/peryas or kid amusement industries such as playgrounds, playroom, and kiddie rides;
Venues with live voice or wind-instrument performers and audiences such as in karaoke bars, clubs, concert halls, and theaters; and
Gatherings in residences with individuals not belonging to the same household
Overall inflation slowed to 4.6%
This indicates lowering prices of basic commodities like meat, fish and vegetables providing more spending power for consumers and will entice more people to buy more basic goods thus helping spur the economy. The recorded 4.6% inflation is lower as compared last September data of 4.8%.