The Philippine Stock Exchange index, the 30-company benchmark, might have closed flat in the first trading week of August at 7,970.35, while the boarder all-share index declined 0.2 percent to 4,740.95. However, after having seen to be moving sideways last week, the Philippine stocks were unexpectedly higher after the close on Monday as compared to last week. The increases in sectors of Holding Firms, Banking and Financials, and Industrial led the shares higher that by the time of closing in the Philippines, the PSEi Composite rose by 0.29%.
The best functioning companies this session on the PSEi Composite were JG Summit Holdings Inc. which was up 2.74% or 2.250 points to 84.500 in the last trade, and Metropolitan Bank and Trust Co. grew 3.07% or 2.80 points to end at 93.95. Another best performing company is Megaworld Corp., which rose to their 52-week highs of 3.66% or 0.190 points to trade at 5.380 at the close.
On the other hand, the worst functioning companies this session were Philippine Long Distance Telephone Company, which declined 1.91% or 37.00 points to end at 1903.00 and Philex Mining Corp., which went down 1.83% or 0.160 points to 8.600. International Container Terminal Services Inc. also did poorly in this session for falling 2.06% or 1.300 points to trade at 61.950 at the close.
Declining stocks outnumbered advancing ones on the Philippines Stock Exchange by 100 to 90 and 53 closed unchanged.
Embattled businessman Roberto Ongpin, who was named by Pres. Rody Duterte as one of the oligarchs his administration wanted to destroy, resigned from his post as chairman and director of Philweb Corp. last week and the stocks he owned were among the heavy losers last week, declining by 46.4% for Philweb Corp. and 15.2% for Atok Big Wedge Co. Inc.
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