The local equities market rose to another record high following the statement of BSP Governor Amando Tetangco that interest rates will be kept low this year.
The PSEi closed at 73.06 points higher or +1.25% to 5,934.05 (5,960/5861 Hi/Lo). All sectoral indices ended higher, led by the mining and oil (+1.66%), property (+1.33%) and industrial (+1.13%) sectors.
Market breadth was positive with advances outnumbering declines 121 to 47 with 43 stocks unchanged. Value turnover reached Php7.53 billion (vs 2012 full year daily average of Php7.09 billion).
According to National Treasurer Rosalia De Leon, the Aquino administration is looking to borrow US$750 million to US$1 billion from the foreign commercial debt market this year with fund-raising activities to begin after January.
Showing posts with label Economy. Show all posts
Showing posts with label Economy. Show all posts
Thursday, January 3, 2013
Saturday, December 15, 2012
Profit Taking Continues in PSE
The local equities market dragged as investors continued to take profits from the recent all-time highs. The PSEi lost 80.84 points, or -1.40%, to close at 5,707.11.
All sectoral indices ended in the red led by property which lost 1.61%, holding firms which lost 1.45% and financials which lost 1.38%.
Index declines were led by SM (-1.92%) and ALI(-3.09%). Market breadth was negative with declines outnumbering advances 106 to 71 with 34 stocks unchanged. Value turnover was at Php 12.77 billion.
All sectoral indices ended in the red led by property which lost 1.61%, holding firms which lost 1.45% and financials which lost 1.38%.
Index declines were led by SM (-1.92%) and ALI(-3.09%). Market breadth was negative with declines outnumbering advances 106 to 71 with 34 stocks unchanged. Value turnover was at Php 12.77 billion.
Monday, November 26, 2012
Dow Jones Industrial Average Index Up Last Week
US equities closed the week on a positive note during its shortened trading session last Friday, as investor sentiment was boosted by optimistic data from Germany and China.
The Dow Jones Industrial Average index leapt 172.79 points to 13,009.68 while the S&P500 index soared 18.12 points to close at 1,409.15.
This year, sales on Black Friday were noticeably lower as much of the shopping began on Thanksgiving last Thursday.
The Dow Jones Industrial Average index leapt 172.79 points to 13,009.68 while the S&P500 index soared 18.12 points to close at 1,409.15.
This year, sales on Black Friday were noticeably lower as much of the shopping began on Thanksgiving last Thursday.
Sunday, November 25, 2012
Spain Sells 3.88 Billion Euros Worth of Debt
In an effort to avoid a European bailout, Spain increased its finances by selling 3.88 billion euros worth of debt during an auction concluded last week.
The amount exceeded the maximum target of 3.5 billion euros. In a separate transaction, the country also sold 3.27 billion euros of notes maturing September 2017.
These were sold to Spain’s welfare reserve fund at a yield of 4.792%. At present, the country’s Treasury Department has already sold all of the bonds it had planned to issue for the year, and is still planning to push through with auctions to finance next year’s financial requirements.
The amount exceeded the maximum target of 3.5 billion euros. In a separate transaction, the country also sold 3.27 billion euros of notes maturing September 2017.
These were sold to Spain’s welfare reserve fund at a yield of 4.792%. At present, the country’s Treasury Department has already sold all of the bonds it had planned to issue for the year, and is still planning to push through with auctions to finance next year’s financial requirements.
Saturday, November 24, 2012
Global Market Recover at End Week
Global markets recovered from the previous week’s losses following the release of upbeat data from the US and China.
Furthermore, though talks on Greece’s financial bailout package have yet to be concluded, investors are hoping for a final resolution by next week’s meeting.
Equities markets and riskier currencies had much to gain from this week’s over-all risk-on sentiment while the safe-haven bonds declined.
Furthermore, though talks on Greece’s financial bailout package have yet to be concluded, investors are hoping for a final resolution by next week’s meeting.
Equities markets and riskier currencies had much to gain from this week’s over-all risk-on sentiment while the safe-haven bonds declined.
Friday, November 23, 2012
Business Sentiment Improves for PH
The local equities market gained today, led by banks such as BPI (+2.06%) and MBT (+2.42%) as the sector recovered from the previous day’s profit-taking.
Significant gains were tempered by PX, which declined 1.34% after it was required by the government to pay its Php1.034 billion penalty—in relation to the tailings spill of Padcal mine— within 45 days.
The main-share index gained 38.97 points, or +0.71%, to end the week at 5,552.34. Financials (+1.31%), holding firms (+0.84%), industrials (+0.58%), property (+0.50%) all ended positively, with only mining and oil (-0.48%) and services (-0.02%) closing in the red.
Significant gains were tempered by PX, which declined 1.34% after it was required by the government to pay its Php1.034 billion penalty—in relation to the tailings spill of Padcal mine— within 45 days.
The main-share index gained 38.97 points, or +0.71%, to end the week at 5,552.34. Financials (+1.31%), holding firms (+0.84%), industrials (+0.58%), property (+0.50%) all ended positively, with only mining and oil (-0.48%) and services (-0.02%) closing in the red.
Thursday, November 22, 2012
Sin Tax Law Passed
Prices of local government securities rose today following the Senate’s approval of a bill to increase sin and excise taxes. Officials stated that this would substantially increase revenues and boost the country’s chances of achieving investment grade status.
In general, yields declined by an average of 3.55 basis points led by the belly and long end of the curve which lost 5.5 and 4.7 basis points, respectively.
The Philippine peso climbed as the passage of the sin and excise tax bill increased the country’s chances of reaching investment grade status. The local currency gained 2.5 centavos to close at 41.145.
In general, yields declined by an average of 3.55 basis points led by the belly and long end of the curve which lost 5.5 and 4.7 basis points, respectively.
The Philippine peso climbed as the passage of the sin and excise tax bill increased the country’s chances of reaching investment grade status. The local currency gained 2.5 centavos to close at 41.145.
EDC Makes a Turnaround in Income
Energy Development Corp. (EDC) posted a net income of Php8.57 billion in the first nine months of the year which is a significant turnaround from the Php488 million net loss incurred in the same period a year ago.
The company said that subsidiaries Green Core Geothermal Inc. (GCGI) and First Gen Hydro Power Corp. (FGHPC) provided huge contributions as these registered net incomes of Php2.16 billion and Php2.77 billion, respectively.
GCGI’s net income came from the operations of the 305-megawatt Tongonan I and Palinpinon power plants while FGHPC drew their income from the sale of electricity and ancillary services from the Pantabangan-Masiway hydroelectric plants.
The company said that subsidiaries Green Core Geothermal Inc. (GCGI) and First Gen Hydro Power Corp. (FGHPC) provided huge contributions as these registered net incomes of Php2.16 billion and Php2.77 billion, respectively.
GCGI’s net income came from the operations of the 305-megawatt Tongonan I and Palinpinon power plants while FGHPC drew their income from the sale of electricity and ancillary services from the Pantabangan-Masiway hydroelectric plants.
Wednesday, November 21, 2012
US Market Sentiment Mixed and Undecided
The US equities market closed mix amid headwinds from Europe and continuing concerns on the so-called fiscal cliff.
Federal Reserve Chairman Ben Bernanke has stated that at present, the labor markets is still far from healthy and the central bank lacks tools to mitigate the full effects of the fiscal cliff.
The Dow Jones Industrial Average index shed 7.45 points to 12,788.51 while the S&P500 crept up 0.93 of a point to 1,387.81.
According to Fed Chairman Ben Bernanke, though the unemployment rate is gradually slowing, the jobs market remains far from healthy and is well above the long-run sustainable level.
Federal Reserve Chairman Ben Bernanke has stated that at present, the labor markets is still far from healthy and the central bank lacks tools to mitigate the full effects of the fiscal cliff.
The Dow Jones Industrial Average index shed 7.45 points to 12,788.51 while the S&P500 crept up 0.93 of a point to 1,387.81.
According to Fed Chairman Ben Bernanke, though the unemployment rate is gradually slowing, the jobs market remains far from healthy and is well above the long-run sustainable level.
US Homebuilders' Confidence Rises
US equities climbed, closing at session highs following the release of optimistic housing market data.
The Dow Jones Industrial Average index rallied 207.65 points, or 1.65% to 12,795.96 while the S&P500 index leapt 27.07 points to close at 1,386.89.
US homebuilders’ confidence rose for a seventh straight month last November. According to the National Association of Home Builders (NAHB), its housing market index climbed five points to 46, beating market estimates of 41.
The Dow Jones Industrial Average index rallied 207.65 points, or 1.65% to 12,795.96 while the S&P500 index leapt 27.07 points to close at 1,386.89.
US homebuilders’ confidence rose for a seventh straight month last November. According to the National Association of Home Builders (NAHB), its housing market index climbed five points to 46, beating market estimates of 41.
Tuesday, November 20, 2012
Local Equities Open The Week High
The local equities market moved marginally higher today as investors digested last week's third quarter corporate earnings releases.
The PSEi gained 10.27 points, or +0.19%, to end the day at 5,449.55. MWC (+3.04%) led index gains following news that Metro Pacific Ventures agreed to buy 39% of its waterworks business in Cebu.
However, gains were overshadowed by JFC, which lost 3.53% after last Friday’s mark-up. Sectoral indices closed mostly positive as financials (+0.44%), industrials (+0.27%), holding firms (+0.42%) and property (+0.16) all ended positively, while services (-0.30%) and mining and oil (-0.64%) ended in the red.
The PSEi gained 10.27 points, or +0.19%, to end the day at 5,449.55. MWC (+3.04%) led index gains following news that Metro Pacific Ventures agreed to buy 39% of its waterworks business in Cebu.
However, gains were overshadowed by JFC, which lost 3.53% after last Friday’s mark-up. Sectoral indices closed mostly positive as financials (+0.44%), industrials (+0.27%), holding firms (+0.42%) and property (+0.16) all ended positively, while services (-0.30%) and mining and oil (-0.64%) ended in the red.
Saturday, November 17, 2012
Apple iPad Mini Logs In Good Sales Figures
Members of Apple's supply chain in Asia has reported that sales figures for the new iPhone 5 and the iPad Mini have been very good and higher than expected.
The report came from Katy Huberty of Morgan Stanley, who stated the report during an investors meeting last Thursday.
"Key suppliers into iPhone and iPad noted above seasonal March quarter order trends, stronger than expected December quarter revenue, and the potential to further upside before year-end," reports Huberty
The report came from Katy Huberty of Morgan Stanley, who stated the report during an investors meeting last Thursday.
"Key suppliers into iPhone and iPad noted above seasonal March quarter order trends, stronger than expected December quarter revenue, and the potential to further upside before year-end," reports Huberty
Friday, November 16, 2012
NSO Releases Factory Output Figures
According to data released by the National Statistics Office (NSO), annual factory output rose 8% for the month of September. This growth, measured by the volume of production index (VoPI), was notably faster than the revised 4.4% growth seen in August.
The NSO said in a press release that this increase was driven by expansion in ten major sectors; namely, transportation equipment (28.5%), foot wear and wearing apparel (27.7%), machinery except electrical (27.4%), wood and wooden products (21.4%), basic metals (18.8%), electrical machinery (15.7%), food manufacturing (14.3%) and chemical products (11.1%).
The NSO said in a press release that this increase was driven by expansion in ten major sectors; namely, transportation equipment (28.5%), foot wear and wearing apparel (27.7%), machinery except electrical (27.4%), wood and wooden products (21.4%), basic metals (18.8%), electrical machinery (15.7%), food manufacturing (14.3%) and chemical products (11.1%).
Wednesday, November 14, 2012
Philippine Stocks Drop on EU Delay on Greek Stimulus
The local equities market dropped in line with regional peers after European leaders delayed the decision on how to cover additional Greek funding needs.
The PSEi shed 14.78 points, or -0.27%, ending the day at 5,455.92. Most sectoral indices closed lower while industrials (+0.04%) bucked the trend. Mining and oil (-1.49%) led the decline with property (-0.53%) as heavy-weight ALI (-1.72%) was sold down.
Services (-0.37%), financials (-0.25%), and holding firms (-0.19%) ended in the red. Market breadth was negative with declines outnumbering advances 91 to 69 with 52 issues unchanged and value turnover at Php4.82 billion.
The PSEi shed 14.78 points, or -0.27%, ending the day at 5,455.92. Most sectoral indices closed lower while industrials (+0.04%) bucked the trend. Mining and oil (-1.49%) led the decline with property (-0.53%) as heavy-weight ALI (-1.72%) was sold down.
Services (-0.37%), financials (-0.25%), and holding firms (-0.19%) ended in the red. Market breadth was negative with declines outnumbering advances 91 to 69 with 52 issues unchanged and value turnover at Php4.82 billion.
Wednesday, October 31, 2012
PSEi Ends Flat As Country Prepares for Long Weekend
Stocks traded higher for most of the day as month-end window dressing helped keep the PSEi in the green. However, sell-offs of index names during the last few minutes of trading pushed the index into negative territory.
The PSEi ended the day flat, drifting down 2.16 points or -0.04% to close at 5,424.51. Sectoral indices ended mixed with property (+0.80%) and holding firms (+0.46%) managing to eke out gains while mining & oil (-0.56%), financials (-0.43%), and industrials (-0.20%) ended lower.
Services (-0.04%), on the other hand, ended flat moving down less than a point. Top index gainers include MPI (+2.99%), FGEN (+2.53%), and EDC (+1.99%), while URC (-4.00%), MER (-2.08%), and GLO (-0.87%) were the day’s laggards. Market breadth was skewed positively with 87 advances versus 75 declines and 48 issues unchanged. Value turnover was at Php 6.35 billion.
The PSEi ended the day flat, drifting down 2.16 points or -0.04% to close at 5,424.51. Sectoral indices ended mixed with property (+0.80%) and holding firms (+0.46%) managing to eke out gains while mining & oil (-0.56%), financials (-0.43%), and industrials (-0.20%) ended lower.
Services (-0.04%), on the other hand, ended flat moving down less than a point. Top index gainers include MPI (+2.99%), FGEN (+2.53%), and EDC (+1.99%), while URC (-4.00%), MER (-2.08%), and GLO (-0.87%) were the day’s laggards. Market breadth was skewed positively with 87 advances versus 75 declines and 48 issues unchanged. Value turnover was at Php 6.35 billion.
Wednesday, August 15, 2012
US Equities Strengthen on Retail Sales Growth
US equities ended unexpectedly higher yesterday as the best retail sales growth in five months and optimistic consumerrelated earnings data were released.
The Dow Jones Industrial Average index climbed higher by 2.51 points, or 0.02%, to close at 13,172.14, while the S&P500 index waned 0.18 of a point, or -0.01%, to close at 1,403.93.
US retail sales soared in July by the largest in 5 months. Retail sales figures rose 0.8% month-on-month, against a market estimate of +0.4%, somewhat balancing out the previous three consecutive months of declines.
The Dow Jones Industrial Average index climbed higher by 2.51 points, or 0.02%, to close at 13,172.14, while the S&P500 index waned 0.18 of a point, or -0.01%, to close at 1,403.93.
US retail sales soared in July by the largest in 5 months. Retail sales figures rose 0.8% month-on-month, against a market estimate of +0.4%, somewhat balancing out the previous three consecutive months of declines.
Philippine Market Update for August 14: Peso Strengthens
The PSEi traded within a narrow band and on very thin volumes of Php3.88 billion as investors remained on the sidelines pending stronger market-making news domestically and abroad. The local bourse drifted down 5.84 points, or -0.11%, ending the day flat for the third day in a row at 5,265.94.
Sectoral indices closed mixed with holding firms (+0.14%), financials (+0.14%), and mining & oil (+0.05%) closing positively and property (-0.44%), services (-0.32%), and industrials (-0.20%) closing in the red. Top index gainers include MWC (+2.48%), FGEN (+2.21%) and MEG (+1.77%), while AGI (-1.62%), JFC (-1.50%), and ALI (-1.50%) were the day’s laggards. Market breadth was also mixed with 83 declines against 70 advances and 43 stocks unchanged.
Sectoral indices closed mixed with holding firms (+0.14%), financials (+0.14%), and mining & oil (+0.05%) closing positively and property (-0.44%), services (-0.32%), and industrials (-0.20%) closing in the red. Top index gainers include MWC (+2.48%), FGEN (+2.21%) and MEG (+1.77%), while AGI (-1.62%), JFC (-1.50%), and ALI (-1.50%) were the day’s laggards. Market breadth was also mixed with 83 declines against 70 advances and 43 stocks unchanged.
Saturday, June 30, 2012
Euro Summit Produces Hope For Eurozone
Europe's seventeen leaders met up Friday to talk about short and long-term solutions to the growing economic instability of the continent.
One of the most important decision, was allowing bailout funds to be directly injected into troubled European banks, rather than make loans to governments to bail out the banks.
This decision will rescue banks without putting strapped countries deeper in debt, and further stabilize the European government bond markets.
One of the most important decision, was allowing bailout funds to be directly injected into troubled European banks, rather than make loans to governments to bail out the banks.
This decision will rescue banks without putting strapped countries deeper in debt, and further stabilize the European government bond markets.
Monday, June 18, 2012
Greece Election Exit Poll Results Show Tight Race
The Greek election has just finished and we're here to report to you the latest happening in the country as exit poll results are coming out.
The results of this national election in Greece is considered to be one of the most crucial factors in determining the future of the Eurozone who is now in a debt crisis.
The Greeks is not just voting who will get the 50-seat position in the 300-member parliament but more importantly, the future of their country with respect to the 17-member Euro currency bloc.
The results of this national election in Greece is considered to be one of the most crucial factors in determining the future of the Eurozone who is now in a debt crisis.
The Greeks is not just voting who will get the 50-seat position in the 300-member parliament but more importantly, the future of their country with respect to the 17-member Euro currency bloc.
Monday, June 11, 2012
Spanish Bailout Pushes EUR Currencies To Soar
Over the weekend, the EU Finance Ministers prepared a $125 Billion Bailout plan for Spain. This caused the markets to buy Euro big time, rendering technical supports and resistance useless for the forex week opening.
However, analysts say that even though EU came out with a promise to write a huge check for Spain, the bearish sentiment for the Euro remains as the market is still very uncertain of the Greek elections this coming June 17.
However, analysts say that even though EU came out with a promise to write a huge check for Spain, the bearish sentiment for the Euro remains as the market is still very uncertain of the Greek elections this coming June 17.
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