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(Last Updated On: September 29, 2022)

The PSE index rallied by as much as 2% for the day and ended the market in green. It closed by +0.9% much lower than its peak movement. Only 8 stocks from the Blue chips index were in the red.

The oversold condition of the market since last week presented an opportunity for bargain hunters to pick up blue chip stocks.

Bullish Sentiment from the World Bank

The Washington-based World bank lender increased the gross domestic product (GDP) projection for the Philippines from the 5.7% stated in April to 6.5% in its East Asia and the Pacific Economic Update report for October, which was published on Tuesday. This is below the government’s target range of 6.5-7.5% for this year.

On its press release World bank stated “Primary deficits have, on average, resulted in a 1.1 percentage point increase in the public debt-to-GDP ratio. It would be difficult to cope with high debt to GDP using fiscal consolidation as a policy option, according to historical patterns seen in the majority of East Asia Pacific countries”

The market ended at 5,934 index level with a net foreign selling of -495 Million. It did bounce today but our foreigner support is still not there.

PSE Index Chart

For the Blue chip index,  SM (+3.68%), ACEN (3.45%) and JGS (3.29%) led the gainers while the lossers were led by CNVRG (-4.97%), ICT (-3.97%) and AGI (-2.07%)

GAINERS

1SM                    3.68%

2ACEN                3.45%

3JGS                    3.29%

4AEV                   3.08%

5RLC                    3.00%

6MPI                   2.99%

7BDO                  2.61%

8JFC                    2.45%

9PGOLD              2.43%

10MEG                2.43%

11TEL                  1.89%

12SCC                  1.81%

13LTG                  1.46%

14URC                 1.17%

LOSERS

1CNVRG              -4.97%

2ICT                     -3.97%

3AGI                    -2.07%

4EMI                   -1.32%

5GLO                   -1.23%

6SMPH                -0.62%

7AC                      -0.46%

8BPI                     -0.33%

As for the ASIAN markets, majority of the Indices rebounded as well taking a cue from the strong bounce of the US markets.

SymbolNameLast PriceChange% Change
^HSIHANG SENG INDEX17,143.27-107.61-0.62%
000001.SSSSE Composite Index3,041.14-3.93-0.13%
399001.SZShenzhen Index10,918.4118.720.17%
^STISTI Index3,135.6919.380.62%
^AXJOS&P/ASX 2006,555.00931.44%
^AORDALL ORDINARIES6,760.60100.81.51%
^BSESNS&P BSE SENSEX56,718.65120.370.21%
^JKSEJakarta Composite Index7,060.82-16.21-0.23%
^KLSEFTSE Bursa Malaysia KLCI1,401.76-0.13-0.01%
^NZ50S&P/NZX 50 INDEX GROSS11,200.0480.470.72%
^KS11KOSPI Composite Index2,170.931.640.08%
^TWIITSEC weighted index13,534.2668.190.51%
ASIAN Index

US stocks closed the market with a strong technical move with Dow Jones closing by +1.88%, S&P500 up move of +1.97% and Nasdaq index moving by +2.15%

US Index Source: Yahoo finance

US Indices futures are pointing to a bearish Thursday trading.

Source: Yahoo Finance

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palaboytrader

Joey is the founder of a Philippine Stock Market Youtube channel and also known as “Palaboy Trader”. He does daily review of Trending stocks and teaches basics of Investing and trading. He has the aim to educate Filipinos to be financially independent He is also is an Overseas Filipino Worker Currently working in a Multinational Company in Malaysia

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