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PSEi slows down for second straight day; PH Borrowing to Fight Covid-19 rises to $8.96b in September

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TODAY’s MARKET WATCH| SEPTEMBER 17, 2020

PSEi slows down for second straight day. The benchmark Philippine Stock Exchange index (PSEi) closed at 5,943.52 down 3.10 points or 0.05 percent while All Share closed at 3,562.63 down 3.18 points or 0.09 percent.

Total number of shares traded today 952,323,569 valued at PHP 6.012-billion.

Graph from www.tradingeconomics.com

More foreign investors are selling PSEi shares today

FOREIGN BUYING: Php 3,096,112,618.41

FOREIGN SELLING: Php 4,264,932,083.71

TOTAL FOREIGN: Php 7,361,044,702.12

More losers than gainers:

Total no. of gainers: 78

Total no. of losers: 106

Unchanged: 58

Top Gainers: MAHB (Metro Alliance Holdings & Equities Corp.), MAH (Metro Alliance Holdings & Equities Corp.), CDC (Cityland Development Corporation), LMG (LMG Corp.), and DWC (Discovery World Corporation).

Top Losers: JOH (Jolliville Holdings Corporation), PERC (PetroEnergy Resources Corporation), ATN (ATN Holdings, Inc), PRF2B (Petron Corporation) and DMPA2 (Del Monte Pacific Limited).

source: www.pse.com.ph

TOP MARKET DISCLOSURES

  1. DFNN, Inc. indirect subsidiary signs deed of company arrangement to take control of an ASX-listed company
  2. SM Investments Corp. obtains SEC’s pre-effective clearance for its proposed P30 billion debt securities program

source: www.edge.pse.com.ph

TOP MARKET INSIGHTS AND STORIES

  1. Lower infrastructure spending recorded in July
    DBM reports that infrastructure and other capital outlays dropped 30.4% to P52.3 billion in July from P75.2 billion in the same month last year. This was also 16% lower than the P62.8 billion spent for infrastructure in June. DBM noted that lower infra spending was due to slow resumption of construction work and bad weather. Business World also reports that infrastructure expenditures were down 9.4% to P350.3 billion in the January to August period, largely due to the impact of the enhanced community quarantine (ECQ) on business activity in Metro Manila and nearby provinces. Construction activities were only allowed to resume in mid-May.
  2. DTI sees no increase of prices as Christmas approaches
    In an interview with Teleradyo, DTI Secretary Ramon Lopez said that he sees no increase in the prices of commodities as the Christmas season approaches due to lower demand. “There is a weak demand that’s why we’re not expecting prices to increase this coming Christmas season” DTI Sec. Lopez stated. The Secretary also encourages the public to buy goods to help businesses and the economy.
  3. Philippine Borrowing to Fight Covid-19 rises to $8.96 billion in September
    DOF reports that the amount of external borrowings to fund the country’s Covid-19 response rose to $8.96 billion as of mid-September, wherein foreign loans and offshore commercial borrowings amounted to $8.33 billion as of Sept. 14, of which $6.86 billion were already disbursed to the Bureau of the Treasury. Philippine Daily Inquirer further reports that the loans came from multilateral lenders such as the Asian Development Bank (ADB), Asian Infrastructure Investment Bank and World Bank as well as from bilateral development partners such as the Agence Française de Développement (AFD) and the Japan International Cooperation Agency.

PESO-DOLLAR EXCHANGE RATE: 1 USD to 48.51 PHP

PHILIPPINE UNEMPLOYMENT DATA

Graph from www.tradingeconomics.com

PH GDP Growth Rate

Graph from www.tradingeconomics.com

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