The PSE index rallied by as much as 2% for the day and ended the market in green. It closed by +0.9% much lower than its peak movement. Only 8 stocks from the Blue chips index were in the red.

The oversold condition of the market since last week presented an opportunity for bargain hunters to pick up blue chip stocks.

Bullish Sentiment from the World Bank

The Washington-based World bank lender increased the gross domestic product (GDP) projection for the Philippines from the 5.7% stated in April to 6.5% in its East Asia and the Pacific Economic Update report for October, which was published on Tuesday. This is below the government’s target range of 6.5-7.5% for this year.

On its press release World bank stated “Primary deficits have, on average, resulted in a 1.1 percentage point increase in the public debt-to-GDP ratio. It would be difficult to cope with high debt to GDP using fiscal consolidation as a policy option, according to historical patterns seen in the majority of East Asia Pacific countries”

The market ended at 5,934 index level with a net foreign selling of -495 Million. It did bounce today but our foreigner support is still not there.

PSE Index Chart

For the Blue chip index,  SM (+3.68%), ACEN (3.45%) and JGS (3.29%) led the gainers while the lossers were led by CNVRG (-4.97%), ICT (-3.97%) and AGI (-2.07%)

GAINERS

1SM                    3.68%

2ACEN                3.45%

3JGS                    3.29%

4AEV                   3.08%

5RLC                    3.00%

6MPI                   2.99%

7BDO                  2.61%

8JFC                    2.45%

9PGOLD              2.43%

10MEG                2.43%

11TEL                  1.89%

12SCC                  1.81%

13LTG                  1.46%

14URC                 1.17%

LOSERS

1CNVRG              -4.97%

2ICT                     -3.97%

3AGI                    -2.07%

4EMI                   -1.32%

5GLO                   -1.23%

6SMPH                -0.62%

7AC                      -0.46%

8BPI                     -0.33%

As for the ASIAN markets, majority of the Indices rebounded as well taking a cue from the strong bounce of the US markets.

SymbolNameLast PriceChange% Change
^HSIHANG SENG INDEX17,143.27-107.61-0.62%
000001.SSSSE Composite Index3,041.14-3.93-0.13%
399001.SZShenzhen Index10,918.4118.720.17%
^STISTI Index3,135.6919.380.62%
^AXJOS&P/ASX 2006,555.00931.44%
^AORDALL ORDINARIES6,760.60100.81.51%
^BSESNS&P BSE SENSEX56,718.65120.370.21%
^JKSEJakarta Composite Index7,060.82-16.21-0.23%
^KLSEFTSE Bursa Malaysia KLCI1,401.76-0.13-0.01%
^NZ50S&P/NZX 50 INDEX GROSS11,200.0480.470.72%
^KS11KOSPI Composite Index2,170.931.640.08%
^TWIITSEC weighted index13,534.2668.190.51%
ASIAN Index

US stocks closed the market with a strong technical move with Dow Jones closing by +1.88%, S&P500 up move of +1.97% and Nasdaq index moving by +2.15%

US Index Source: Yahoo finance

US Indices futures are pointing to a bearish Thursday trading.

Source: Yahoo Finance

During the board discussions of ACEN that was held yesterday September 28, 2022 in the 35th Floor of the Ayala Triangle Gardens Tower 2, Paseo de Roxas corner Makati Avenue, Makati City there were several matters approved regarding its Solar power business expansion.

The company has discussed the Investment in and construction of the 300MWp/237MWac Giga Ace 8 Solar Power Project (including transmission line for 1200 MWac) of Giga Ace 8, Inc. in Palauig, Zambales. This includes funding of the 208 MWdc NAREDCO Solar Power Plant Project (including a 100MWdc expansion) in La-lo, Cagayan.

ACEN Continues Investing in  Solar Projects, Zambales, Pangasinan and Cagayan Projects In progress

In Pangasinan it will continue its Investment in a 60MWp solar plant through the acquisition of Sinocalan Solar Power Corporation, the project SPV, and the execution of a Technical Services Agreement with Sungrow Power Renewables Corp, on terms as presented, and subject to agreed conditions precedent and applicable regulatory approvals;

There is also a commitment of up to AUD800 million (in any combination of equity, credit support, and guarantees, and similar arrangements) in relation to the construction of the 520MWdc Stubbo Solar Farm Project in Australia, on terms as presented; and (ii) Authority to ACEN Australia and its relevant subsidiaries to enter into PV module supply agreement for the project.

Stock price of ACEN has plummeted from the past few days following the sell of of risky assets in the market. It has dropped by as much as 30% since the prices broke down from its 20 day moving average.

ACEN Stock Chart Price