(philstar.com)
MANILA (Xinhua) -- U.S. Federal Reserve chief Ben Bernake's announcement on Wednesday that the central bank is ready to provide fresh stimulus inspired investors to continue buying Philippine shares.
The bellwether Philippine Stock Exchange index gained 0.44 percent or 19.55 points to close at 4,423.55 on Thursday. The broader all-share index added 0.3 percent or 9.42 points to 3,076. 01.
Trading volume reached 7.14 billion shares worth 5.26 billion pesos (122.56 million U.S. dollars) with 76 stocks advancing, 63 declining and 45 were unchanged.
Of the six counters, only the mining and oil sector bucked the trend.
"Local stocks followed through on Wednesday's rebound as investors cheered the latest statements from U.S. Fed Chairman Ben Bernanke," local brokerage AB Capital Securities, Inc. said.
Bernake's statement pushed the Dow Jones industrial average index to finish Wednesday session up 0.36 percent or 44.73 points to 12,491.61. Click here to read more...
Saturday, July 16, 2011
Thursday, July 7, 2011
Philippine stocks extend losses on profit taking
(philstar.com)
MANILA, Philippines (Xinhua) - Investors continue to book their gains today, sending the Philippine shares down by 0.52 percent.
The bellwether Philippine Stock Exchange index lost 22.90 points to 4,375.85. The broader all-share index retreated by 0.02 percent or 0.70 points to 3,063.89.
Trading volume reached 4.26 billion shares worth P4.7 billion ($109.74 million) with 68 stocks advancing, 57 declining, and 40 were unchanged.
Of the six counters, only the industrial and the mining and oil sectors bucked the trend.
"The Philippine index took a battering for a second time as investors continued their profit taking after a four-day rally that ended on Monday," brokerage DBP-Daiwa Securities, Inc. said.
Despite declining of the second time, brokerage AB Capital Securities, Inc. said the local equities' recent break to fresh highs has dramatically improved the market's outlook from a technical standpoint.
"But like all overbought assets, we do expect profit taking and a pull back. Notwithstanding, we see limited downside with immediate support at 4,320," AB Capital Securities, Inc. said.
The brokerage noted that the country's improving fiscal situation has attracted investors' attention on the Philippines, although developments overseas will continue to affect investors' sentiments.
Click here to read more...
MANILA, Philippines (Xinhua) - Investors continue to book their gains today, sending the Philippine shares down by 0.52 percent.
The bellwether Philippine Stock Exchange index lost 22.90 points to 4,375.85. The broader all-share index retreated by 0.02 percent or 0.70 points to 3,063.89.
Trading volume reached 4.26 billion shares worth P4.7 billion ($109.74 million) with 68 stocks advancing, 57 declining, and 40 were unchanged.
Of the six counters, only the industrial and the mining and oil sectors bucked the trend.
"The Philippine index took a battering for a second time as investors continued their profit taking after a four-day rally that ended on Monday," brokerage DBP-Daiwa Securities, Inc. said.
Despite declining of the second time, brokerage AB Capital Securities, Inc. said the local equities' recent break to fresh highs has dramatically improved the market's outlook from a technical standpoint.
"But like all overbought assets, we do expect profit taking and a pull back. Notwithstanding, we see limited downside with immediate support at 4,320," AB Capital Securities, Inc. said.
The brokerage noted that the country's improving fiscal situation has attracted investors' attention on the Philippines, although developments overseas will continue to affect investors' sentiments.
Click here to read more...
Philippine state pension fund eyes energy stocks
(Reuters) - Philippine pension fund Social Security System (SSS) could increase investments in local equities by up to 20 billion pesos ($470 million) and is particularly interested in energy stocks, its president and CEO said on Thursday.
The state-run fund for private sector workers, which has stakes in leading telecom Philippine Long Distance Telephone Co and top gold and copper miner Philex Mining Corp , expects to beat its net revenue target of 16 billion pesos this year given the stock market's rise to a record high.
Its net revenue last year was 22 billion pesos.
"We should be able to do better than that," president and CEO Emilio de Quiros told a media forum, referring to this year's net revenue target.
"(Energy) is a sector that we are looking at, the potential is there. It's a sector that could provide good returns for us," he said, adding the fund may buy shares in initial public offerings of energy firms.
Click here to read more...
Sunday, April 25, 2010
Steady interest rates, US market gains lift RP stocks
(philstar.com)
MANILA, Philippines (Xinhua) - The local central bank's decision to keep key benchmark rates unchanged and the positive performance of the US market lifted the Philippine stock market on Friday, although some investors already started selling down their shares following the local index's two-day strong run-up.
The bellwether Philippine Stock Exchange index rose by 0.21 percent or 6.88 points to close at 3,244.45 on Friday although week-on-week, the local composite index slipped by 0.64 percent after its two-day sell off at the start of the week.
The broader all share index was also up by 0.35 percent or 7.06 points to 2,017.92 but three-financials, services and mining and oil sector-of the six counters tumbled.
A total of one billion shares valued at P3.8 billion ($85.59 million) were changed hands. Gainers barely outwit losers 49 to 47 while 67 stocks did not move.
"We were expecting a correction ahead of the weekend and after the market's strong performance on Wednesday and Thursday but there were strings of positive news which I guess countered the profit takers," Paul Balaoing of PCCI Securities Brokers Corp. said.
Click here to read more...
MANILA, Philippines (Xinhua) - The local central bank's decision to keep key benchmark rates unchanged and the positive performance of the US market lifted the Philippine stock market on Friday, although some investors already started selling down their shares following the local index's two-day strong run-up.
The bellwether Philippine Stock Exchange index rose by 0.21 percent or 6.88 points to close at 3,244.45 on Friday although week-on-week, the local composite index slipped by 0.64 percent after its two-day sell off at the start of the week.
The broader all share index was also up by 0.35 percent or 7.06 points to 2,017.92 but three-financials, services and mining and oil sector-of the six counters tumbled.
A total of one billion shares valued at P3.8 billion ($85.59 million) were changed hands. Gainers barely outwit losers 49 to 47 while 67 stocks did not move.
"We were expecting a correction ahead of the weekend and after the market's strong performance on Wednesday and Thursday but there were strings of positive news which I guess countered the profit takers," Paul Balaoing of PCCI Securities Brokers Corp. said.
Click here to read more...
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