Benchmark Index Below 7100 Level

The local equities benchmark index ended below 7,100-level on continued profit-taking as market players took advantage of price strength from the MSCI quarterly rebalancing trades. The PSEi retreated 49.81 points, or -0.70% to close at 7,050.89.

Sectoral indices’ gainers and losers ended evenly, as mining and oil (+0.62%) led the gainers, while holding firms (-1.60%) dropped the most among the decliners.

Market breadth was negative with 111 declines outnumbering 67 advances, while 44 names were unchanged. Total value turnover reached Php32.55 billion. Foreign investors were net buyers at Php6.22 billion.

In a report by the Department of Finance, the government’s tax efforts (total tax collections as a percentage of gross domestic product or GDP) slightly increased in the first half to 13.75% (Php824.4 billion tax collection) from 13.59% (Php746.3 billion tax collection) in the same period last year, on the back of improved collections from key agencies.

Meanwhile, revenues in the first six months of the year, were equivalent to 15.57% of GDP (or Php933.7 billion), up from the 15.29% (Php839.5 billion) in the first half of 2013.

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