(Last Updated On: August 2, 2021)
The PSE index move up by 2.81% but albeit due to selective bargain hunting of blue chip stocks that had massive drop last Friday trading.
Bargain hunting during the pre-close period sent the index upward by as much as 1.4%. Todays trading showed good recovery for some of the Blue chip stocks. The index close at 6,446.31
Universal Robina corporation led the group with an upward movement of 6.55% reversing its big drop last Friday due to the news of selling its business in Australia and New Zealand Intersnack. On the other side of the disclosure as well, is its massive share buy back of 3 Billion pesos and 5% increase in dividends value.
Mining led the drop of the index with -2.55% while holdings (2.97%) and property sector (2.89%) led the index movement
General sentiment of the market is still bearish a we are still about to enter the more strict enhanced community quarantine starting August 6-20, 2021
New vaccines arrival this Aug 3 from COVAX facility could help alleviate a bit the fearfulness on the Delta Variant type Covid virus. This batch of vaccines will come from the distribution centers managed by World Health Organization
On his speech Eduardo Ano said “Yes, bukas darating (they will arrive tomorrow) and the President will be one of those who will welcome the arrival of the vaccines,”
Most of these vaccines will be distributed in national capital region
Last week metro manila mayors’ initiation of implementing ECQ was agreed upon by the national government as the rising cases of Covid is expected to increase by the coming few weeks. Local transmission of the Delta Variant have been noted from the past few days as more data are coming out from the Genome Sequence Center.