Connect with us

Hi, what are you looking for?


PHL shares climb as Biden signs debt limit deal

LOCAL EQUITIES rose on Monday as investors remained cautious ahead of the release of May consumer price index (CPI) data and after US President Joseph R. Biden signed the debt ceiling deal over the weekend.

The benchmark Philippine Stock Exchange index (PSEi) went up by 9.63 points or 0.14% to 6,521.64 on Monday, while the broader all shares index rose by 11.46 points or 0.33% to close at 3,486.33.

“The local bourse gained by 9.63 points to 6,521.64 after US President Joe Biden signed into law a debt ceiling bill, erasing the worries among investors,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

“However, market participation remained weak… Many were still on the sideways as they await May’s inflation rate to be released [on Tuesday],” Ms. Alviar added.

Value turnover declined to P3.36 billion on Monday with 1.7 million shares changing hands from the P4.88 billion with 1.21 billion issues traded on Friday.

Unicapital Securities, Inc. Senior Equity Research Analyst Carlos Angelo O. Temporal likewise said that investors remained cautious ahead of the release of May CPI data.

“Investors are likely weighing the positive resolution of the US debt ceiling last Saturday against these uncertainties,” Mr. Temporal added.

Mr. Biden on Saturday signed a bill that suspends the US government’s $31.4-trillion debt ceiling, averting what would have been a first-ever default with just two days to spare, Reuters reported.

The House of Representatives and the Senate passed the legislation last week after Mr. Biden and House of Representatives Speaker Kevin McCarthy reached an agreement following tense negotiations.

The Treasury department had warned it would be unable to pay all its bills on Monday if Congress had failed to act by then.

Meanwhile, a BusinessWorld poll of 15 analysts yielded a median estimate of 6.1% for May headline inflation, near the lower end of the Bangko Sentral ng Pilipinas’ (BSP) 5.8-6.6% estimate for the month.

If realized, this would be slower than 6.6% in April but quicker than the 5.4% print in the same month a year earlier.

The May CPI would also exceed the BSP’s annual 2-4% target range for the 14th consecutive month.

The majority of sectoral indices went up on Monday except for services, which declined by 14.22 points or 0.91% to 1,536.32, and financials, which went down by 6.92 points or 0.37% to 1,829.17.

Meanwhile, industrials increased by 125.12 points or 1.35% to 9,334.02; holding firms rose by 31.49 points or 0.48% to 6,514.49; property went up by 7.92 points or 0.29% to 2,658.26; and mining and oil inched up by 10.03 points or 0.1% to 10,049.17.

Advancers outnumbered decliners, 114 versus 64, while 37 names closed unchanged.

Net foreign selling stood at P108.35 million on Monday versus the P218.62 million in net buying seen on Friday. — A.H. Halili with Reuters

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



By Luisa Maria Jacinta C. Jocson, Reporter THE NATIONAL Government’s (NG) budget deficit widened to P133 billion in August as revenues declined, data from...


THE GOVERNMENT is planning to launch US dollar-denominated retail Treasury bonds (RTB) on Tuesday, Finance Secretary Benjamin E. Diokno said. “We will launch the...


By Keisha B. Ta-asan, Reporter SUPPLY SHOCKS to inflation and a weaker peso against the dollar may prompt the Bangko Sentral ng Pilipinas (BSP)...


By Bernadette Therese M. Gadon, Researcher THE PHILIPPINES’ largest banks saw asset and loan growth ease in the second quarter, reflecting the impact of...


PROJECTS and activities to be funded via the issuance of “blue bonds” should support specific items under the United Nations Sustainable Development Goals (UN...


1 of 5 VERSACE TOM FORD PRADA EMPORIO ARMANI FENDI MILAN — Italian luxury label Dolce & Gabbana (D&G) presented a mainly black and...

You May Also Like

Top News

As the world seeks sustainable and energy-efficient solutions for heating and cooling, the heat pump market is experiencing a significant surge. According to the...


The Toto site’s user-friendly interface makes it easy for both beginners and experienced gamblers to navigate through the various features. “¸ÔÆ¢Æú¸®½º site is a...


Almost 100 jobs are thought to be under threat at smart home energy technology manufacturer myenergi. The Grimsby firm, named one of the UK’s...


The number of small businesses planning to increase prices to their customers is set to rise dramatically this quarter, further fuelling inflationary pressures. A new quarterly analysis of...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.