The Philippine Stock Exchange index (PSEi) is among the world’s best performers, gaining 9.4% week-on-week, as both local and foreign players join the rally. Holding firms lead with more than 3% gains this week.
The PSEi ended the trading week at 6,484, on Friday, October 23, 2.2% higher than Thursday’s close.
Philstocks’ research analyst Piper Tan noted that this week’s “impressive” performance was last seen in June, when government restrictions eased.
Market participation was also above average this week, with net value turnover reaching 8 billion, which is above the year-to-date average of around 7 billion. Foreign transactions has also been at a 3-day buying streak.
Tan noted that the support for the market will be at the 6,000 level, while resistance is seen at 6,580.
Year-to-date, the local bourse is down by over 17%.
Large-cap stocks remained to be the most actively traded stocks, led by Ayala Land, which gained 1.3% on Friday.
MerryMart - Injap Sia’s MerryMart will open its first high-end grocery store along Katipunan Avenue, Quezon City, on Saturday, October 24.
The MerryMart Market will be the 17th branch of the group. The company is set to open 25 branches this year and a total of 100 branches in 2021.
Universal Robina - Food and beverage giant Universal Robina Corporation (URC) posted a net income of P8.1 billion in the first 9 months of 2020, 12% higher than in 2019, despite the coronavirus-stricken economy.
While there was growth, URC president and chief executive officer Irwin Lee himself admitted that the path to recovery would be slower than expected, as 3rd quarter earnings stayed flat.
"The current environment continues to pose severe challenges to the business. Weaker consumer sentiment and slowing retail sales in Q3, plus sluggish macroeconomic fundamentals, are weighing on a slower path to market recovery," Lee said.
AREIT - Real estate investment trust (REIT) pioneer AREIT Incorporated has acquired The 30th, a 76,000-square meter commercial development located along Meralco Avenue in Pasig City from its Sponsor, Ayala Land, for P5.1 billion.