The Philippine Stock Exchange index (PSEi) ended the week on a high note, gaining 1.2% on Friday, October 30.

Most of the subsectors, except for services, were in the green after the bloodbath on Thursday, October 29.

Philippine stocks followed the movement of markets in the United States, where macroeconomic data showed growth after the recession caused by the coronavirus pandemic.

The PSEi managed to avoid the downward trend in Asia, with China, Hong Kong, and South Korea posting heavy sell-offs.

However, it was a mixed bag for the Philippines’ blue chips, with half posting gains, while the rest were either flat or lost value.

Foreigners continued to dump more stocks than they bought, as net foreign selling climbed to P1.2 billion.

Converge was the most actively traded stock during its debut week, shedding 2.5% at the close.

Earnings

Metrobank – The bank reported a 9-month income of P11 billion.

Before taking into account loan loss provisions, net income grew by 41% to P52.4 billion.

Metrobank set aside P35.4 billion in provisions for bad loans, almost 5 times more than the P7.8 billion booked in the same period last year.

Its non-performing loans ratio rose to 2.25% from 1.52%, which Metrobank said was expected due to the coronavirus crisis.

Holcim – The cement maker’s net income fell by 45% to P1.03 billion in the first 9 months of the year, as the pandemic affected the infrastructure industry.

Net sales as of end-September declined by 21% to P18.8 billion.

But as the economy opened up, Holcim’s 3rd quarter profits jumped by 34.2% to P613 million.

PXP Energy – The company posted a net loss of P66.5 million in the first 9 months of 2020. This is much higher than the P21.8-million loss incurred a year ago.

Converge – The newly-listed fixed internet company achieved P10.7 billion in consolidated revenues from January to September, representing a 67% increase.

Its residential and enterprises businesses generated revenues of P8.4 billion, 90% higher year-on-year.

Converge achieved an EBITDA or earnings before interest, taxes, depreciation, and amortization of P5.58 billion for the first 9 months of 2020, representing an increase of 74%. Net income was not revealed in the disclosure. – Rappler.com