(Last Updated On: September 22, 2021)
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%.
For the index sector, Services and Mining led the PSE market