PSEi down 0.06% at start of ghost month

The Philippine Stock Exchange Index (PSEi) opened the month down 3.9 percent to close at 6,312.03.

Filstox Finance Inc. Fellow Claire Alviar and Regina Capital Development Corp. Managing director Louis Limlingan said investors have been on the sidelines as public company reporting season has begun, with the bulk of the announcements scheduled for later this week.

“Many companies are expected to release their first half earnings this week and so far the companies are performing well,” Alviar said.

“PSEi also declined today following the release of the softest Philippine manufacturing purchasing managers’ index for 6 months (50.8) and due to a slightly weaker peso,” added Michael Ricafort, chief economist at Rizal Commercial Banking Corp.

Meanwhile, the country’s first reported case of monkeypox in the country and the rise in Covid-19 cases (over 4,000) also weighed on market sentiment as the World Health Organization declared monkeypox a global health emergency.

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As for the economic catalysts, Limlingan noted that July CPI data and a PSEi rebalancing are scheduled in the Philippines on Friday. The US June trade balance and July unemployment data are expected to be released on Thursday and Friday, respectively.

“Oil prices rose in European trading as attention turned to next week’s OPEC+ meeting and expectations that it would destroy U.S. supply hopes,” Limlingan added.

“September futures for Brent crude, which expires on Friday, rose $2.89 to $110.03 a barrel. The more active October contract rose $2.30 to $104.13. Futures for West Texas Intermediate crude rose 3.4 percent to $99.67.

Today’s total market value is about 5.16 billion pesos, with a total volume of 434,446,629 shares.

The sector’s performance was mixed, with holding companies leading growth, up 1.36 percent, while financials were at the bottom, shedding 3.26 percent.

Falling stocks outperformed gainers from 92 to 85, while 55 securities remained unchanged.