There is another reason for the market to remain optimistic for the coming few days. Philippines Statistics authority has stated that the Q2 GDP of the Philippines is up 11% as compared last year. The economy has bounced back from the recession last year.

According to socio economic secretary Karl Kendrick Chua “The robust performance is driven by more than just base effects. It is the result of a better balance between addressing COVID-19 and the need to restore jobs and incomes of the people”

Below is the GDP distribution comparison

PH GDP

2021 Q2              11.8

2021 Q1              -3.9

2020 Q4              -8.3

2020 Q3              -11.6

2020 Q2              -17.0

2020 Q1              -0.7

The PSE market move in the sideways with -0.14% loss with a net foreign selling of -26.7Million. Index close at 6,623.23. The small cap stocks still moving significantly with DITO CME holdings visibly leading the move with 11.96%

Dito Telecom was reported last time to have increased its subscriber based by 2Million.

DMC lead the blue chips recovery while Emperador is still on a downtrend direction.

1DMC4.01%

2SMC3.76%

3MEG2.84%

4LTG2.68%

5AP2.59%

6MER2.37%

7URC2.27%

8RLC1.01%

9RRHI0.99%

10GLO0.51%

For the index sector, Mining recovered and up by more than 2%

According to PSE edge disclosure of Puregold it had a robust income for the first half of 2021.

It then stated that it has 17.3% growth compared to Php 3.4 billion in the same period in 2020 and with consolidated net income of Php 3.99 billion in the first half of 2021.

According to Mr. Vincent Co, President of Puregold, the company’s digitization and e-commerce website enabled the company to connect with its consumers during the Covid19 pandemic. They have created Puregold mobile app and  Puregold channel

However its consolidated net sales decreased by 7.1% to Php 76.18 billion in the first half of 2021. 72% of the revenues is attributed from the Puregold Stores network and 28% coming from S&R Membership warehouse clubs and S&R New York Style Pizza stores.

Yesterdays trading, PGOLD lost 1.173% and closed at 39.70 pesos/share. The prices are staying above the 100MA moving average

Consolidated Income from Operations grew to Php 6.14 billion in 1Q 2021, up by 7.5% compared to Php 5.71 billion during the same period last year due to strategic costs controls.

Also included in the PSE Edge disclosure, it stated;

“As of end June 2021, Puregold opened 15 new organic stores out of the planned 30 to 40 new Puregold stores. S&R also plans to open 2 new warehouse clubs in the second half of 2021. Puregold group currently has a total of 484 stores nationwide. These include 418 Puregold stores, 20 S&R membership shopping warehouse, and 46 S&R New York Style QSR”