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Outlook: We expect the market to test the 7,900 levels this week after the US posted a better-than-expected jobs report.

The PSEi fell 0.75% last week to 7,771.52 as investors locked in their gains after the PSEi rose 7,846. Friday’s US job report showed an added 287,000 jobs in June, exceeding economists’ expectations by more than 100,000 jobs. This will fuel the optimism in the market for the week which may wane by end of the week as investors take profit.

Year-to-date, the index gained 11.79%. Foreigners were net buyers during the week amounting to Php2.92bn ($62mn); yearto-date foreign inflow was at Php35.34bn($751mn). MEG, MBT, SMPH, TEL and BDO were the most bought stocks for an aggregate amount of Php1.19bn.

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