The PSE market drop again to its lowest level for this year at 6,168 level closing by -1.86. It is currently down by 18% from its 7,500 peak level. Inflation data for Europe are currently showing high values with UK at 9.1%.

Index closed with a net foreign selling of -560Million for the day losing its support at 6,200 level.

Investors leaving the PSE market is causing the sudden drops of the index for the past 2 weeks of trading and still we could not see any easing anytime soon. RSI levels however are at oversold levels already.

For the index sector, all are in deep red for the day and property stocks lost the most for the day as it dropped by -3.57%

For the Blue chips index, Emperador led the gainers with 3.85% while most of the blue chip stocks are in red, ICT at -4.32% and Ayala land Inc at -4.16%.

For the global markets, US market is expected to open lower as the futures are indicating a bearish sentiment. S&P Futures at -1.75%, Dow Futures at -1.51% and Nasdaq Futures at -1.95%.

UK among other European are expected to release high inflation results as well. UK have 9.1
% inflation at 40-year high.

ASIAN markets have the same negative sentiment for the day where indexes closed by more than 2% for Taiwan, Korea and Hongkong.

Billionaire Enrique Razon Prime Infra company decided to kickstart its Php 28.19 Billion IPO this October.

There will be a primary offer and sale of up to 1,755,780,000 common shares at an offer price of up to P14.60, with an overallotment option of up to 175,578,000 shares.

The overallotment shares will be use as a stabilization agent by its sole global bookrunner CLSA limited. BPI and BDO capital will be its joint local underwriter.

The Php 28.2 Billion IPO offering will consist of 22% of the company to be publicly available. Its ticker symbol will be “PFR”.

Under PFR will be several companies which covers different sectors of business. PFR operates four major segments: water, energy, construction, and waste. Among its notable subsidiaries includes a controlling stake in the now fully franchised Manila Water and a  joint venture with SPNEC mother company Solar power Philippines.

PFR plans to fund the P23 billion into its energy business. This is more than 80% of the net proceeds of its proposed IPO. Of that P23 billion, P10.5 billion will be spent in 2022, P9.9 billion will be spent in 2023, and P2.6 billion will be spent in 2024.

Based on the IPO size, it is considered to be the second biggest IPO in PSE history, behind Monde’s 48 Billion IPO.