Market starts August flat

Local bourse weakened by 3.9 points or 0.06 percent to finish at 6,312.03


August 2, 2022

Investors welcomed the ghost month with a flat start as the release of several economic data are scheduled for this week.

The local bourse weakened by 3.9 points or 0.06 percent to finish at 6,312.03, bucking the downtrend in Asian markets.

Analysts said investors are bracing for the earnings result at home, Philstocks Financial Inc. Research Associate Claire Alviar said.

The Purchasing Managers’ Index reading came out at 50.8, which showed a deceleration from the previous month, Regina Capital Development Corp. managing director Luis Limlingan said.

Meanwhile, the June trade balance data and July unemployment data are expected to be released on Thursday and Friday, respectively.

Meanwhile, oil prices rose in European trading as attention turned to next week’s OPEC+ meeting and expectations that it will dash US hopes for a supply boost.

Brent crude futures for September settlement, due to expire on Friday, gained $2.89 to trade at $110.03 per barrel.

The more active October contract was up $2.30 at $104.13. US West Texas Intermediate crude futures advanced 3.4 percent to $99.67.

Bourse: Better days ahead

This week, many companies are expected to release their earnings report. So far, companies are showing good results. Meanwhile, the first reported case of monkeypox in the country and the rising Covid-19 cases weighed on sentiment as well.

Sector performances were mixed with Holdings leading the gainers, up by 1.36 percent while banks were at the bottom, losing 3.26 percent.

Universal Robina Corp. gained the most by 6.04 percent amid strong topline results despite challenges while International Container Terminal Services Inc. lost the most by 5.30 percent amid global economic worries.

The Philippine Stock Exchange index inched up from 6,263 to 6,315 following the Fed’s 75-basis-point rate hike, COL Financial added.

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