The PSE market loose its ground again during the trading as slew of bad news rattled the market. From the opening bell, majority of the Blue chip index stocks price were brought down as well. It managed to climb up from -1.5% drop during the pre-closing period

IATF withdraws previous resolution that children ages  5 and above allowing them to stay outdoors last time due to the concerns on the fast spreading Delta variant. This is according to Health Secretary Francisco Duque III.

Previous warnings from Octa research group on the possible increase of covid19 cases in Metro manila if not averted can lead to 8,000 cases per day. The following news that came out said that Metro manila mayors have convened and agreed to implement stricter guidelines with regards to quarantine measures. President Duterte have the same sentiment during previous press briefings and now IATF has accepted the proposal to temporarily implement the new guideline until July 31, 2021

According to Philstar travel bans was recently impose by the government as well from countries like Thailand and Malaysia to curtail the spread of Delta Variant. Currently Philippine has travel ban restrictions from Indonesia and India.

Net foreign buying of 4.3Billion have been noted after trading hours

The PSE market took a breather today as it manage to have a good trading day going up by 1.55% closing at 6,576 following what could have been bargain hunting due to the sudden decline of the index for the past few days.

Market is trying to absorb all the news now whether the concern flag out for the past few days will happen as the current daily case is still within the 6k range. Just now OCTA research group has announced that the positivity rate in NCR have increase from 1.0 to 1.15 signifying a significant transmission rate especially that the Delta variant is now seen on some areas. OCTA research fellow Guido David have stated according to The Philippine Star that the projection of 8,000 new cases have a possibility to happen.

On the other hand International credit watcher Moody’s investor have said that our country’s credit growth is heading for a rebound by 5% in 2021 and 15% in 2022. This is in relation to the Banks lending growth by 13.6% before the pandemic happened, according to Moody’s.

“The Philippine banking system is mainly funded by customer deposits with minimal reliance on wholesale funding, which protects the banks’ funding profiles from the effects of excessive market volatility,” BSP activity of maintaining the credit rates at its lowest have help offset will support our banking system.

This is however lower than its previous expectations of 6.3%

The positive US market movement together with the European and Asian markets for the past few days could have improved the market sentiment as well.

US Indexes

European Indexes

Asian Indexes