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PSEi makes slight recovery; Stronger PESO seen likely to reach 47:$1

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TODAY’s MARKET WATCH| SEPTEMBER 21, 2020

PSEi makes slight recovery. The benchmark Philippine Stock Exchange index (PSEi) closed at 5,909.32 up 0.42 points or 0.007 percent while All Share closed at 3,548.77 down 4.81 points or 0.14 percent.

Total number of shares traded today 2,126,878,122 valued at PHP 4.266-billion.

More foreign investors are selling PSEi shares today

FOREIGN BUYING: Php 949,795,941.38

FOREIGN SELLING: Php 1,501,647,526.78

TOTAL FOREIGN: Php 2,451,443,468.16

More losers than gainers:

Total no. of gainers: 58

Total no. of losers: 138

Unchanged: 42

Top Gainers: NOW (Now Corporation), TBGI (Transpacific Broadband Group Int`l. Inc.), ECP (EasyCall Communications Philippines, Inc.), DITO (DITO CME Holdings Corp.) and FERRO (Ferronoux Holdings, Inc.).

Top Losers: MAHB (Metro Alliance Holdings & Equities Corp.), FJP (F & J Prince Holdings Corporation), TECB2 (Cirtek Holdings Philippines Corporation), DFNN (DFNN, Inc.) and HLCM (Holcim Philippines, Inc.)

source: www.pse.com.ph

TOP MARKET DISCLOSURES

  1. The Board of Xurpas, Inc. approves acquisition of a US-based venture capital firm
  2. Now Corporation’s affiliate secures extension of provisional authority to install, operate, and maintain a nationwide mobile telecommunications system
  3. Megawide Construction Corp. consortium receives notice of award from the Department of Transportation for its Malolos-Clark Railway Project
  4. Security Bank sets record dates for its fixed rate bonds due on 2022

source: www.edge.pse.com.ph

TOP MARKET INSIGHTS AND STORIES

  1. BSP has infused P1.4T into the financial system to support the economy
    BSP Governor Benjamin Diokno reportedly stated in a speech that the country’s central bank has injected P1.4T to the economy to help ease the adverse effects of Covid-19. “Overall, the total amount of additional liquidity injected into the system from these collective measures is estimated at P1.4 trillion, equivalent to 7.3% of GDP (gross domestic product)” Mr. Diokno said. It was also reported that BSP has cut this year’s policy rates by 175 basis points (bps) which reduced overnight reversed purchasing, lending and deposit facilities to record low. Reserve requirements for big banks and nonbank financial institutions with quasi-banking functions were also lowered by 200 bos to 12% while reserve requirements for thrift and rural banks were reduced to 3% and 2%, respectively. These actions are part of four critical functions that the BSP identified that it can do to keep the economy afloat: namely, ensuring that sufficient liquidity is circulating in the system; shoring up market confidence and cushioning the slowdown of economic activity; sustaining financial stability and extending relief to financial institutions; and promoting access to and delivery of financial services.
  2. Stronger PESO seen likely to reach 47:$1
    Business World reported that Philippine Peso will likely to further strengthen as the markets anticipate progress in economic bills in Congress and a reduction in cases of coronavirus disease 2019 (COVID-19). Latest data from Bankers Association of the Philippines show that the peso rebounded to P48.395 against the dollar last Friday, up by 11.5 centavos from its P48.51 finish on Thursday. “The major upcoming market leads include any further progress by lawmakers on key reform measures such as CREATE, FIST and GUIDE bills, some moves to further reopen the economy and improve economic recovery prospects,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an interview by Business World. Meanwhile, in its latest forecast, Capital Economics projected the peso to further strengthen to 47:$1 by year’s end.
  3. BSP ordered 60-day moratorium on loan payments
    Following the effectivity of Republic Act No. 11494 or the Bayanihan to Recover as One Act, the BSP has ordered all banks and financial institutions under its jurisdiction to implement a 60- day moratorium on loan payments. BSP Gov. Benjamin Diokno said that under a BSP memorandum it “requires all covered institutions to implement a mandatory, one-time, 60-day grace period to all loans that are existing, current and outstanding, falling due, or any part thereof, on or before December 31, 2020.”

PESO-DOLLAR EXCHANGE RATE: 1 USD to 48.365 PHP

PHILIPPINE UNEMPLOYMENT DATA

Graph from www.tradingeconomics.com 

PH GDP Growth Rate

Graph from www.tradingeconomics.com

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