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PSEi closes in a low note; GSP+ withdrawal feared to lead to more unemployment

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TODAY’s MARKET WATCH| SEPTEMBER 22, 2020

The benchmark Philippine Stock Exchange index (PSEi) closed at 5,895.28 down 15.04 points or 0.26 percent while All Share closed at 3,543.93 down 4.84 points or 0.14 percent.

Total number of shares traded today 4,399,771,151 valued at PHP 4.629-billion.

More foreign investors are selling PSEi shares today

FOREIGN BUYING: Php 1,185,438,511.73

FOREIGN SELLING:Php 1,840,568,026.99

TOTAL FOREIGN:Php 3,026,006,538.72

More losers than gainers:

Total no. of gainers: 86

Total no. of losers: 105

Unchanged: 46

TOP GAINERS

TOP LOSERS

source: www.pse.com.ph

TOP MARKET DISCLOSURES

  1. SM Investments Corporation secures permit to sell P30 billion worth of bonds
  2. AllHome Crop. opens a new branch in Santiago City, Isabela
  3. DoubleDragon Properties Corp. declares cash dividend of P1.61945 per preferred share
  4. PH Resorts Group Holdings, Inc. secures SEC’s pre-effective approval for its P1.13 billion follow-on offering of common shares
  5. I-Remit, Inc. incorporates new wholly-owned subsidiary

source: www.edge.pse.com.ph

TOP MARKET INSIGHTS AND STORIES

  1. PH GDP seen to contract at -6.5% this year- Maybank Kim Eng
    In its latest GDP forecast for the Philippines, investment banking and stock brokerage group Maybank Kim Eng reported that it sees a GDP contraction of 6.5% this year as the country struggles to contain the coronavirus outbreak which may lead to further lockdowns thereby hampering economic recovery. “The worst is however probably over as the economies slowly reopen after the severe lockdowns during the second quarter. But the growth trajectory will likely be more U-shaped than V, with GDP of most ASEAN economies returning to pre-pandemic levels only in early 2022,” Maybank said.
  2. GSP+ withdrawal may lead to unemployment
    Business World reports that the Management Association of the Philippines has expressed concern that the EU Parliament’s call to suspend the Generalized Scheme of Preferences Plus (GSP+) privilege granted to the Philippines in view of perceived worsening human right situation in the country may hurt various industries and worsen unemployment. GSP+ is an incentive agreement in which 6,274 Philippine products enjoy zero-tariff entry to the European Union provided the country adheres to 27 core international conventions that include human and labor rights.

PESO-DOLLAR EXCHANGE RATE: 1 USD to 48.46 PHP

PHILIPPINE UNEMPLOYMENT DATA

Graph from www.tradingeconomics.com 

PH GDP Growth Rate

Graph from www.tradingeconomics.com

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