PSE market is up again for todays trading by 0.36 % after digesting the news that came out with Asian Development bank with the projected GDP of Philippines to remain the same at 4.5% this year while its peers have been lowered. It however reiterated that the projection is critical as it depends on the pandemic responses being implemented by the government.

The index close at 6915 up by more than 1% during the days trading, but ended with a net foreign selling of -294 Million after foreigners decided to take profits.

For the Blue chip stocks Jollibee led the group as disclosure about its preferred shares gain track, while ACEN continuous its upward movement.

1JFC 3.83%

2ACEN 3.14%

3ALI 2.44%

4MPI 1.88%

5FGEN 1.43%

6MER 1.39%

7AGI 1.18%

8TEL 0.89%

9LTG 0.78%

10BLOOM 0.68%

11BPI 0.67%

12SMC 0.63%

On the Index Sector, Industrial (1.39%) and property (0.95%) companies led the group

Asian Development Bank on GDP Growth

Asian Development Bank growth outlook for the Philippines remains the same at 4.5% this year and it will move to 5.5% in 2022. For the whole of Asia, GDP outlook is 7.1%, South east Asia to 3.1%. ADB cuts its outlook for Malaysia, Indonesia, Vietnam and Thailand. Malaysia expected to grow to 4.7% and Singapore to 6.5%.

Based on ADB’s projections, the Philippines is poised to register the third highest growth in the region, next to Singapore’s 6.5 percent and Malaysia’s 4.7 percent

The PSE market index managed to continue its recovery after the rout from China’s property giant Evergrande said it is agreeing to a deal to avoid default on its debt due this month. The index ended with a 0.14% gain for the day but could have been higher if not for the pre close profit taking

Global indexes tumbled a few days back significantly after the news of Evergrande spread where financial institutions globally feared a possible recurrence of LEHMAN Brothers default last time that cause the 2008 financial crisis

Bloomberg News calculated a debt payment of worth 232 million yuan ($35.9 million) was negotiated by Evergrande in a statement to the Shenzhen stock exchange today, this was according to Evergrande’s property unit Hengda that it planned to pay interest due on its 2025 bond. The case of Evergrande defaulting has big impact on China economy as it may affect more than 200,000 employess and indirectly helps employ 3.8million jobs.

The index close at 6,890.73with a net foreign buying of 33.16Million.

For the Blue chip index movers, Globe and TEL led the index again where GLO earned 6.83% while TEL is 5.31%.

1GLO 6.83%

2TEL 5.31%

3ACEN 4.23%

4BLOOM 2.81%

5PGOLD 2.41%

6LTG 2.00%

7JFC 1.98%

8SMC 1.82%

9ICT 1.31%

10RLC 0.91%

11AP 0.62%

12JGS 0.48%

13FGEN 0.16%

14URC 0.15%

For the index sector, Services and Mining led the PSE market