Philippine stocks: Gainers, losers, market-moving news – July 2021

The Philippine Stock Exchange index (PSEi) fell by as much as 2.7% on Monday, July 19, as the Delta variant of COVID-19 continued to spread globally.

The PSEi managed to temper losses and closed 1.6% lower, with all subindices in the red. Properties led the decline, falling 3%.

Read more.

The Keepers Holdings, formerly Da Vinci Capital Holdings, submitted its registration statement to the Securities and Exchange Commission for its follow-on offering for up to 3 billion common shares at an offer price of P2 to P2.50 per share.

Net proceeds from the offer will be used primarily for strategic acquisitions, expansion of product portfolio and distribution network channels, investments in its distribution and logistics network, working capital, and general corporate purposes.

The Keepers engaged China Bank Capital Corporation, PNB Capital and Investment Corporation, and SB Capital Investment Corporation as the joint issue managers, joint lead underwriters, and joint bookrunners for the transaction.

The Keepers is the largest distributor of imported spirits in the Philippines.

Philippine stocks have steadily gone up in recent months, thanks to Filipino millennials and housewives who have just started investing in the equities market amid the pandemic.

Analysis by First Metro Investment Corporation (FMIC) showed that foreign ownership in companies comprising the Philippine Stock Exchange index (PSEi) is at a nine-year low of 21%.

Take a look at FMIC’s analysis here.