Economy · August 3, 2022

PSEi up 0.80% thanks to good earnings

The Philippine Stock Exchange Index (PSEi) gained 50.27 points, or 0.80 percent, to close at 6,362.30.

Claire Alviar, research associate at Philstocks Financial Inc., and Rizal Commercial Banking Corp. Chief economist Michael Ricafort said positive earnings reports from listed companies fueled positive market sentiment for Tuesday’s trading.

The Philippine Manufacturing Purchasing Managers Index, which remained in expansion territory in July, also helped to strengthen sentiment. However, the month-to-month decline has brought some concerns about what the global economic outlook will be for the latter half of the year.

“The sustainability of this rally is still questionable due to weak market participation and growing geopolitical tensions between the US and China, particularly with the planned visit to Taiwan by US House Speaker Nancy Pelosi,” said Alviar.

For US catalysts, Regina Capital Development Corp. Chief Executive Luis Limlingan noted that several earnings reports will be released this week with a focus on Starbucks, PayPal, Caterpillar, Advanced Micro Devices, along with other technologies and resellers listed in major American markets.

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Global oil prices are also a factor.

“Oil prices fell sharply as weak production data from China and Europe weighed on demand outlook as investors prepared for this week’s meeting of OPEC (Organization of the Petroleum Exporting Countries) officials. ) and other major crude oil producers on offer, “Limlingan said. “Brent crude futures came in at $ 3.94, or 3.79 percent, down to $ 100.03 a barrel. US West Texas Intermediate crude ended the day at $ 93.89 a barrel. with a loss of 4.8 percent, or $ 4.73 “.

Net sales were recorded at P5.36 billion, lower than the year-to-date average of P6.31 billion with a total volume of 528,352,641 shares.

Holding companies was the only sector in the red, down 0.03%.

The bears took the advances from 84 to 80, while 61 stocks remained unchanged.