Market marginally up; Megaworld big gainer

Bullish sentiment spurred the local bourse to start the week positively, closing at 6,737.84, up by 38.18 points or 0.57 percent.

As the market index breached and managed to stay above the 6,600 levels, some investors are accumulating at that level, especially those undervalued stocks with good earnings in the first semester, Philstocks Financial Research and Engagement Officer Claire Alviar said.

Moreover, net foreign buying of P360.11 million also helped lift the index.

Megaworld Corporation stocks gained the most, advancing 4.9 percent while Converge ICT Solutions Inc. was at the bottom, losing 3.55 percent.

Trade volume weakened with a net value turnover of P5.17 billion, lower than the year-to-date’s average of over P6 billion.

Meanwhile, Services and Indistrial sectors pulled back, declining 0.67 percent and 0.01 percent, respectively.

Prices may have peaked

“Following the US rally on Friday, shares rose once again as investors celebrated signs that inflation may be peaking,” according to Regina Capital Development Corp. managing director Luis Limlingan.

The economic data that Wall St. will keep tabs on are the housing data on 16 August, retail sales figure on 17 August, and the weekly jobs report on 18 August.

The Federal Open Market Committee meeting minutes will also be published on Thursday.

The main highlight for the Philippines this week is the fifth policy-review meeting of the Monetary Board on 18 August.

Lastly, oil prices plunged on expectations that supply disruptions in the US Gulf of Mexico would be short-term, while recession fears clouded the demand outlook.

Brent crude futures fell $1.47, or 1.5 percent to $98.13 a barrel, while US West Texas Intermediate crude fell $2.08, or 2.2 percent, to $92.26 a barrel.

Leave a Reply

Your email address will not be published. Required fields are marked *