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PSEi’s recovery continues; Economist calls for more government borrowing to stimulate economy

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TODAY’s MARKET WATCH| SEPTEMBER 14, 2020

PSEi’s recovery continues, opens week in green. The benchmark Philippine Stock Exchange index (PSEi) closed at 5,997.14 up 29.18 points or 0.49 percent while All Share closed at 3,590.68 up 13.30 points or 0.37 percent.

Total number of shares traded today is 1,128,350,001 at PHP 4.710-billion.

More foreign investors are selling PSEi shares today

FOREIGN BUYING:Php 1,983,656,540.43

FOREIGN SELLING:Php 2,043,444,237.15

TOTAL FOREIGN: Php 4,027,100,777.58

More gainers than losers:

Total no. of gainers: 110

Total no. of losers: 99

Unchanged: 37

Top Gainers: ALHI (Anchor Land Holdings, Inc.), BCOR (Berjaya Philippines Inc.), STI (STI Education Systems Holdings, Inc.), ALLHC (AyalaLand Logistics Holdings Corp.), and CIC (Concepcion Industrial Corporation).

Top Losers: PTC (Philippine Trust Company), OV (The Philodrill Corporation), FEU (Far Eastern University, Incorporated), APC (APC Group, Inc.) and ACEX (ACE Enexor, Inc).

source: www.pse.com.ph

TOP MARKET DISCLOSURES

  1. Del Monte Pacific Limited declares cash dividend for holders of Series A-1 and A-2 preferred shares
  2. San Miguel Corp. redeems outstanding and issued subseries D of the series “2” preferred shares

source: www.edge.pse.com.ph

TOP MARKET INSIGHTS AND STORIES

  1. Filipino economist Aresnio Balisacan in a tweet stated that the new consensus among economists is: borrow & spend more to stimulate the economy. Government borrowing is badly needed to address the many woes of the health & economic crisis. But the quality of deficit-spending matters as much.
  2. THE government’s decision to refocus its flagship infrastructure program will help the Philippine economy recover faster from the coronavirus disease 2019 (COVID-19) pandemic, the International Monetary Fund (IMF) said| via Business World
  3. Government debt service declines in July. Based on the latest Treasury data, the government’s debt payments reached P60.91 billion in July, down 34% from P92.46 billion paid in July 2019. However, it is 77% higher than the P34.4 billion paid in June.| via Business World
  4. Cash utilization by government agencies was 83% in the eight months to August, remaining weak due to spending constraints imposed by the pandemic, the Department of Budget and Management (DBM) said.| via Business World
  5. The worst impact of Covid-19 to the Philippine economy is over. BSP Governor Benjamin Diokno in a statement said that the “worst is behind us“, in terms of the impact of Covid-19 to the economy. He added ““I cannot imagine how the economy will be worse off 12 months from now, coming from a record-breaking contraction in the second quarter of 2020, owing to the total lockdown in March, April and May,”| via Philippine Daily Inquirer

    PESO-DOLLAR EXCHANGE RATE: 1 USD to 48.51 PHP

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