PSE market corrected after 5 days of consecutive gains as it ended the week in red with a -0.3% drop. This could have been brought by profit taking after most of the stocks have move up significantly for the week. 7 day average of Covid cases continue to drop and consistent supply of vaccines have fueled the previous index run. There are also news surfacing that a subvariant of Delta variant virus which is more contagious than the existing Delta variant have been detected in Europe.

The index close at 7,289.6 just below the 7.3K resistance level with a net foreign selling of -17.86Million.

For the PSE market Blue chip index, highest gain for the day was SECB (2.87%) while loser is from ACEN (-3.38%) and JFC (-2.51%).

GAINERS	LOSERS
1SECB2.87%	1ACEN-3.83%
2BLOOM2.00%	2JFC-2.51%
3WLCON1.43%	3LTG-2.11%
4GLO1.27%	4AGI-2.00%
5BDO1.27%	5AEV-1.72%
6RRHI1.00%	6ALI-1.70%
7JGS0.99%	7GTCAP-1.40%
8PGOLD0.74%	8MBT-1.00%
9SMPH0.41%	9MPI-0.96%
10MEG0.32%	10TEL-0.80%
11SMC0.17%	11URC-0.71%
12AP0.16%	12MER-0.67%
13BPI0.12%	13AC-0.46%
	14SM-0.39%
	15CNVRG-0.32%
	16RLC-0.12%

For the index sector, finance is the leader after most of the banks recovered from the previous corrections. Industrial sector of the market suffered highest (-1.16%) correction for today.

The PSE market continued its winning streak as the index stayed above the 7,300 level during the day trading. The market ended with a gain of +0.2%, still bullish as the previous day covid cases drop again below 4k level. According to OCTA research group, the covid levels are at situation where we will be at stage before the upsurge of the Covid cases.

The PSE index ended 7,311.72 at with a net foreign buying of +303.8Million. It remains to be seen whether we can sustain this level, but the presence of foreign buying is helping.

For the Blue chip index, pre close upsurge of AEV (5.45%) and LTG (5.35%) help the market retain its green position. Correction is still happening for CNVRG (-5.36%) and BLOOM (-4.41%).

Gainers	Losers
1AEV5.45%	1CNVRG-5.63%
2LTG5.35%	2BLOOM-4.41%
3ICT4.57%	3BDO-3.51%
4MPI2.96%	4WLCON-3.45%
5GTCAP1.96%	5ACEN-3.37%
6AGI1.29%	6PGOLD-2.64%
7SM1.27%	7RLC-2.15%
8AP1.10%	8SECB-1.98%
9JFC1.05%	9GLO-1.64%
10MER0.95%	10BPI-1.28%
11AC0.92%	11TEL-0.98%
12MEG0.64%	12JGS-0.23%
13URC0.50%	13MBT-0.20%

For the index sector Mining led the group movement with Benguet Mining (BC, 13%) closing. Decliner led by Finance sector with Banco de Oro (BDO, -3.51%) pulling back.

COVID CASES back at Pre-Surge Level

According to OCTA research Professor Guido David the seven day average is less than 6,500 cases and its nationwide level of reproduction rate is at low of 0.55. Spokesperson Harry Roque cites business establishments and activities allowed amid the implementation of alert levels system.