The market was in red for the day but suddenly closes in green during the pre-closed period. Net foreign buying is at 306.96Million. This is the sixth straight day of foreign accumulation.

Net foreign buying started last August 23 and continues up to today.

The index was in deep red by more than 1.7% for the day untill 11:30am. News about the Delta variant being now affirmed by the World health organization representative Dr. Rabindra Abeyasinghe says that the Delta variant is now the dominant coronavirus variant in the Philippines. Yesterdays Covid 19 cases reach an all time high of more than 22,000 cases.

The sudden reversal in the prices direction lead to an optimistic closing of more than 1%. PSEI market closed higher than last Friday closing to 6855.44

Except for the finance index (-0.67%), all other indexes ended with positive results. Holdings top the list with 2.05% uptick followed by the holding companies lead by AEV. For the individual stocks Aboitiz Power corporation broke its long time resistance with a gain 0f 6.87% and Aboitiz Equity Ventures (AEV) with 6.82% gain.

1 AP6.87%

2 AEV6.82%

3 ICT4.55%

4 PGOLD4.38%

5 URC4.36%

6 ACEN4.24%

7 SM3.49%

8 JFC1.10%

9 AGI0.78%

10 ALI0.75%

11 BPI0.36%

12 SECB0.27%

13 RRHI0.20%

Meanwhile, ASEAN indexes are also exhibiting good index gains for the day.

The PSE market just had one of its good move in the day but this uplift in the index by 2.15% was mainly due to two heavy weights on the index, Globe Telecom and PLDT.

The index was initially just above from its previous close during the 1st half of the day and started to pick up its movement when Globe Telecom started up surging from 7% then to 14.04% at the close

The index close and up to 6,822.15 level. Net foreign buying is also up with heavy buying at the close, net buying ended with 813,994,108. This is a good volume considering the few days where buying from the foreigners is just past 100Million.

Top gainers include Globe telecom, PLDT and SMPH.

1 GLO14.04%

2 TEL7.77%

3 SMPH4.04%

4 JGS3.76%

5 AC3.64%

6 AP3.37%

7 AEV2.72%

8 JFC2.55%

9 SM2.33%

10 RRHI1.68%

11 ICT1.52%

12 MEG1.38%

Service sector led the group with 3.51% upward move while mining still bucking from the trend with a -0.12% loss for the day.

Globe Telecom surge most for the day signals a bullish momentum for the Philippines stock together with the first big foreign buying near the end of August. Globe have a net foreign buying of +695,380,120 for the day. Globe telecom previously disclosed it had 13% up in profits for the 1st half of 2021 with 13Billion in value.

The recorded increase in profits for the quarter was attributed due to CREATE law impact and corporate recovery. For its increase in profits it was noticeable also that the data revenues currently is up 70%

Its home broadband segment have grown to 14.5 Billion with a 16% growth as most people are using internet due to work at home conditions brought by the pandemic

According to Globe president and chief executive officer Ernest Cu;

“We are pleased to report strong financial and operating results for the first half of 2021, with healthy balance sheet and cash flows despite the re-imposition of stricter lockdowns during the second quarter,”

Globe e-sports and online games are making a buzz as well, in particular is its hosting of League of Legend games reaching 90% of its top line. GCASH initial public offering remains to be seen as no definite timeline was release.