TODAY’s MARKET WATCH| SEPTEMBER 16, 2020
PSEi snaps 3-day winning streak closes in red today. The benchmark Philippine Stock Exchange index (PSEi) closed at 5,946.62 down 71.59 points or 1.19 percent while All Share closed at 3,565.81 down 25.76 points or 0.72 percent.
Total number of shares traded today is 652,403,260 valued at PHP 5.360-billion.
More foreign investors are selling PSEi shares today
FOREIGN BUYING: Php 1,446,982,365.38
FOREIGN SELLING:Php 2,290,902,695.72
TOTAL FOREIGN:Php 3,737,885,061.10
More losers than gainers:
Total no. of gainers: 87
Total no. of losers: 97
Top Gainers: I (I-Remit, Inc), MAHB (Metro Alliance Holdings & Equities Corp.), MAH (Metro Alliance Holdings & Equities Corp.), JOH (Jolliville Holdings Corporation), and ALHI (Anchor Land Holdings, Inc.).
Top Losers: MFIN (Makati Finance Corporation), SGP (Synergy Grid & Development Phils., Inc.), PHES (Philippine Estates Corporation), STI (STI Education Systems Holdings, Inc.) and CIC (Concepcion Industrial Corporation).
TOP MARKET DISCLOSURES
- AREIT, Inc. signs deed of absolute sale with Ayala Land Inc.’s subsidiary to acquire Teleperformance building in Cebu
- Manila Water announces P0.33 foreign currency differential adjustment per cubic meter in water bill effective October
TOP MARKET INSIGHTS AND STORIES
- June FDI inflows up 7.1% from a year ago
The BSP reported that FDI net inflows reached $481 million in June, up 7.1% from the $449 million a year ago. Business World also reports that the June inflows were 19.67% more than the $402 million seen in May, and the highest since the $563 million logged in March. In a statement the BSP said “This positive development was underpinned by the gradual reopening of advanced economies with investment interest in the Philippines, and the country’s sustained strong macroeconomic fundamentals, despite the COVID-19 pandemic.”
- OFW remittances exhibit growth for two straight months
Latest BSP data showed that OFW remittances grew 7.8% to $2.783 billion in July from $2.581 billion a year ago. In a statement, the BSP said “This growth is mainly due to the 12.6% increase in land-based workers’ remittances, but was slightly tempered by the 9.2% decrease in sea-based workers’ remittances.”
- PH GDP seen to contract -8.2% this year- UK Think tank
UK-based think tank Oxford Economics projected further downturn of Philippine GDP this year. It projected a negative 8.2-percent contraction on account of weak consumer spending and pending delays due to quarantine measures.
PESO-DOLLAR EXCHANGE RATE: 1 USD to 48.35 PHP