Thursday, January 28, 2010
RP stocks bounce off slump on selective bargain-hunting
MANILA, Philippines – Local stocks bounced out of a four-day slump on Thursday as investors took heart from the US Federal Reserve's indication that it would extend a regime of low interest rate to boost economic recovery.
The main-share Philippine Stock Exchange jumped by 1.44 percent to 2,961.63 on Thursday as prospects of a sustained US monetary stimulus alongside an ample supply of oversold local stocks encouraged selective bargain-hunting.
But value turnover at the local bourse thinned to P2.3 billion from P2.9 billion in the previous session, suggesting that there's little fire to fuel further rally in the short-term period.
AB Capital Securities said this much-anticipated rebound could just be a "dead cat bounce," that may be used by traders as an opportunity to sell on rally.
"Market fundamentals are deteriorating and it's beginning to reflect in share prices. Besides the external concerns and election woes, there is also the worry of rising commodity prices. We are beginning to see shortages in electricity, water, sugar and rice," AB Capital said.
"Earnings growth is also expected to slow down to single digit levels even as GDP [gross domestic product] growth improves," it said. Click here to read more...
Tuesday, January 26, 2010
RP stock index continues slide despite Wall Street gain
(NIKKA CORSINO, GMANews.TV)
Local share prices continued to plummet on Tuesday, even as Wall Street posted a slight gain overnight as momentum shifted in favor of the reappointment of Federal Reserve Chairman Ben Bernanke.
The Philippine Stock Exchange (PSE) index dropped by 0.41 percent or 12.26 points to close at 2,955.7 despite a 24-point rise in the Dow Jones industrial index overnight. The all-share index slid by 0.1 percent or 1.78 points to 1,887.25.
"US banks are starting to collapse. Investors are getting pessimistic on the stability of the market," analyst Emmanuel Soller or Equitiworld Securities, Inc. said in an interview.
Since the bulk of the funds in the local stock market are from overseas investors, a possible collapse of some US banks would surely affect local equities, he pointed out.
US President Barack Obama's plan to limit banks' size and risky trading has spooked investors, but analysts say it would have only little effect on big institutions like JPMorgan Chase, Bank of America and Citigroup.Click here to read more...
RP stocks close lower on concerns of further sluggish US market
(philstar.com)
MANILA, Philippines (Xinhua) - Concerns that the US market might continue to trade sluggishly capped the Philippine market's positive opening on Tuesday.
The bellwether Philippine Stock Exchange index retreated by 0. 41 percent or 12.26 points to 2,955.70, while the all share index fell by 0.09 percent or 1.78 points to 1,887.25.
Of the six counters, only holding firms rallied. Mining and oil shares, along with the other four sectors, meanwhile tracked the composite index's decline.
Trading was thin where a total of 1.28 billion shares valued at P2.64 billion ($57.14 million) were changed hands. Foreign investors however reverted to the buying side, leaving behind a net foreign buying of P154 million ($3.33 million).
Market breadth remains extremely negative suggesting a further downward bias of the local equities tomorrow. A total of 69 issues dipped while 31 went up and 67 were unchanged. Click here to read more...
MANILA, Philippines (Xinhua) - Concerns that the US market might continue to trade sluggishly capped the Philippine market's positive opening on Tuesday.
The bellwether Philippine Stock Exchange index retreated by 0. 41 percent or 12.26 points to 2,955.70, while the all share index fell by 0.09 percent or 1.78 points to 1,887.25.
Of the six counters, only holding firms rallied. Mining and oil shares, along with the other four sectors, meanwhile tracked the composite index's decline.
Trading was thin where a total of 1.28 billion shares valued at P2.64 billion ($57.14 million) were changed hands. Foreign investors however reverted to the buying side, leaving behind a net foreign buying of P154 million ($3.33 million).
Market breadth remains extremely negative suggesting a further downward bias of the local equities tomorrow. A total of 69 issues dipped while 31 went up and 67 were unchanged. Click here to read more...
Sunday, January 24, 2010
ATR KimEng is top PSE stock broker in 2009
(MB.com.ph)
In a report by the PSE, ATRKE Securities recorded a total turnover value of P379 billion for 2009, accounting for a market share of 19.04 percent. Foreign brokers CLSA Philippines and Deutsche Regis Partners ranked second and third for the year with market shares of 8.05 percent and 7.89 percent, respectively.
The exchange’s total market value turnover for 2009 was at P1.99 trillion, up 30 percent from the P1.53 trillion recorded in the previous year. The Philippine Stock Exchange Index (PSEI) increased by 63 percent in 2009.
“Our extensive local and international distribution networks, supported by our experienced sales and research groups allowed us to capitalize on the increase in trading volume at the stock exchange this past year,” said ATRKE Securities president Lorenzo Roxas. “Our expertise and experience, as well, in successfully executing tender offers for listed companies made us the broker of choice for such transactions. The equity markets remain challenging but we hope to see even greater market activity in 2010,” he added.
ATRKE Securities provides research, sales, and execution capabilities to a broad range of institutional and retail clients, both foreign and domestic. The company was recently named “Best Domestic Broker” by FinanceAsia, Asia’s leading financial publication, in its 2009 Country Awards for Achievement. Click here to read more...
ATR KimEng Securities Inc. (ATRKE Securities), the leading Philippine-owned brokerage house, ranked first among the trading participants in the Philippine Stock Exchange (PSE) in terms of value turnover for the year 2009.
The exchange’s total market value turnover for 2009 was at P1.99 trillion, up 30 percent from the P1.53 trillion recorded in the previous year. The Philippine Stock Exchange Index (PSEI) increased by 63 percent in 2009.
“Our extensive local and international distribution networks, supported by our experienced sales and research groups allowed us to capitalize on the increase in trading volume at the stock exchange this past year,” said ATRKE Securities president Lorenzo Roxas. “Our expertise and experience, as well, in successfully executing tender offers for listed companies made us the broker of choice for such transactions. The equity markets remain challenging but we hope to see even greater market activity in 2010,” he added.
ATRKE Securities provides research, sales, and execution capabilities to a broad range of institutional and retail clients, both foreign and domestic. The company was recently named “Best Domestic Broker” by FinanceAsia, Asia’s leading financial publication, in its 2009 Country Awards for Achievement. Click here to read more...
Stocks suffer biggest one-day fall for 2010
(
MANILA, Philippines--Local stocks Friday succumbed to their worst bloodbath this year as US President Obama’s plan to temper risk-taking among American financial institutions spooked Wall Street and sent shivers to emerging markets.
The main-share Philippine Stock Exchange fell 2 percent or 62.11 points to close at 3,023.47 on an across-the-board selldown of equities. Regional bourses also ended lower.
The most badly hit was the local financial sector, which declined 3.38 percent, followed by the industrial and property sectors, which slid 2.6 percent and 2.29 percent, respectively.
This developed as Obama announced plans to limit the size and scope of US banks and finance firms by preventing them from owning, investing in or sponsoring hedge funds or private equity funds. This was reported to be a bid to protect US taxpayers from bearing the brunt of costly bailouts as was seen during the recent financial meltdown.
“The fall is more technical in nature. Based on the movements of the Dow Jones Industrial Average the past few days, last night was the tipping point for risk aversion in the market. Nobody wants to hold stocks when central banks are poised to close liquidity taps and valuations are overextended,” said Jose Mari Lacson, research head of local stock brokerage Campos Lanuza & Co.Click here tor read more...
MANILA, Philippines--Local stocks Friday succumbed to their worst bloodbath this year as US President Obama’s plan to temper risk-taking among American financial institutions spooked Wall Street and sent shivers to emerging markets.
The main-share Philippine Stock Exchange fell 2 percent or 62.11 points to close at 3,023.47 on an across-the-board selldown of equities. Regional bourses also ended lower.
The most badly hit was the local financial sector, which declined 3.38 percent, followed by the industrial and property sectors, which slid 2.6 percent and 2.29 percent, respectively.
This developed as Obama announced plans to limit the size and scope of US banks and finance firms by preventing them from owning, investing in or sponsoring hedge funds or private equity funds. This was reported to be a bid to protect US taxpayers from bearing the brunt of costly bailouts as was seen during the recent financial meltdown.
“The fall is more technical in nature. Based on the movements of the Dow Jones Industrial Average the past few days, last night was the tipping point for risk aversion in the market. Nobody wants to hold stocks when central banks are poised to close liquidity taps and valuations are overextended,” said Jose Mari Lacson, research head of local stock brokerage Campos Lanuza & Co.Click here tor read more...
Bill overhauling stock taxation system filed
(By JAMES A. LOYOLA)
A bill proposing to revamp the tax system for the stock market has been filed with the House of Representatives to spur its development and arrest its marginalization in the regional market.
The bill, dubbed as “Stock Market Competitiveness Act or SMARTCA,” was introduced as House Bill No.7111 by Congressman Exequiel B. Javier, the chairman of the House Committee on Ways and Means.
“We welcome with much appreciation this legislative development because of the urgent need to develop our stock market,” said Philippine Stock Exchange president Francis Lim.
He noted that “it is unfortunate that even if we are one of the oldest bourses in Asia, we continue to lag behind other Asian markets in terms of market capitalization, number of listed companies, value turnover and capital raising activities. Our size as a market is a major deterrent to our competitiveness in the region.”
The main features of the bill are to grant a lower income tax rate of 25 percent instead of 30 percent for a period of 10 years to companies that list their shares with the stock exchange within a limited period of 5 years from the effectivity of the law.
It also removes the initial public offering or IPO tax, and reduce the stock transaction tax (STT) to one fourth of 1 percent from its present rate of half a percent. Click here to read more...
A bill proposing to revamp the tax system for the stock market has been filed with the House of Representatives to spur its development and arrest its marginalization in the regional market.
The bill, dubbed as “Stock Market Competitiveness Act or SMARTCA,” was introduced as House Bill No.7111 by Congressman Exequiel B. Javier, the chairman of the House Committee on Ways and Means.
“We welcome with much appreciation this legislative development because of the urgent need to develop our stock market,” said Philippine Stock Exchange president Francis Lim.
He noted that “it is unfortunate that even if we are one of the oldest bourses in Asia, we continue to lag behind other Asian markets in terms of market capitalization, number of listed companies, value turnover and capital raising activities. Our size as a market is a major deterrent to our competitiveness in the region.”
The main features of the bill are to grant a lower income tax rate of 25 percent instead of 30 percent for a period of 10 years to companies that list their shares with the stock exchange within a limited period of 5 years from the effectivity of the law.
It also removes the initial public offering or IPO tax, and reduce the stock transaction tax (STT) to one fourth of 1 percent from its present rate of half a percent. Click here to read more...
Thursday, January 21, 2010
Roundup: Philippine stock market rallies after four days of fall
(tradingmarkets.com)
The Philippine market rallied on Thursday after four days of fall, with the bellwether Philippine Stock Exchange index up 0.05 percent or 1.72 points to 3,085.58, the all share index up 0.04 percent or 0.83 points to 1,931.45.
Integrated Micro-Electronics, Inc., which listed today, increased 50 percent in its value.
Of the six counters, mining and oil shares rallied, along with property shares and financial stocks. Industrial issues meanwhile dipped along with holding firms and the service sector.
Trading was slim at 2.25 billion pesos (49.1 million U.S. dollars) or only 1.13 billion shares were changed hands. Foreign investors were net buyers at 118 million pesos (2.57 million U.S. dollars). Market breadth remains negative where 53 issues tumbled while to 43 while 70 stocks did not move.
Elizabeth Abadillo of local brokerage Angping & Associates, Inc. said only selected issues gave the local index the push that it needs. The last-minute buying were mostly seen in issues like Ayala Land, Inc., Philex Mining Corp. and Sy-led Banco de Oro Unibank, Inc. Click here to read more...
The Philippine market rallied on Thursday after four days of fall, with the bellwether Philippine Stock Exchange index up 0.05 percent or 1.72 points to 3,085.58, the all share index up 0.04 percent or 0.83 points to 1,931.45.
Integrated Micro-Electronics, Inc., which listed today, increased 50 percent in its value.
Of the six counters, mining and oil shares rallied, along with property shares and financial stocks. Industrial issues meanwhile dipped along with holding firms and the service sector.
Trading was slim at 2.25 billion pesos (49.1 million U.S. dollars) or only 1.13 billion shares were changed hands. Foreign investors were net buyers at 118 million pesos (2.57 million U.S. dollars). Market breadth remains negative where 53 issues tumbled while to 43 while 70 stocks did not move.
Elizabeth Abadillo of local brokerage Angping & Associates, Inc. said only selected issues gave the local index the push that it needs. The last-minute buying were mostly seen in issues like Ayala Land, Inc., Philex Mining Corp. and Sy-led Banco de Oro Unibank, Inc. Click here to read more...
Tuesday, January 19, 2010
RP stock market cracks 3,100 mark
(philstar.com)
MANILA, Philippines (Xinhua) - Investors continued to sell their stocks, sending the market below the 3,100 mark on Tuesday.
The bellwether Philippine Stock Exchange lost by 0.69 percent or 21.73 points to 3,084.57, while the all share index went down by 0.53 percent or 10.45 points to 1,932.23.
Trading was above average where 1.16 billion shares valued at 3. P27 billion ($71.3 million) were changed hands. Foreign investors were net sellers at P89 million ($1.9 million).
Market breadth remains negative where 61 issues tumbled as opposed to the 28 that went up. A total of 72 stocks were unchanged.
Of the six counters, the biggest victims are financial and property issues. Industrial stocks and holding firms meanwhile bucked the carnage.Click here to read more...
MANILA, Philippines (Xinhua) - Investors continued to sell their stocks, sending the market below the 3,100 mark on Tuesday.
The bellwether Philippine Stock Exchange lost by 0.69 percent or 21.73 points to 3,084.57, while the all share index went down by 0.53 percent or 10.45 points to 1,932.23.
Trading was above average where 1.16 billion shares valued at 3. P27 billion ($71.3 million) were changed hands. Foreign investors were net sellers at P89 million ($1.9 million).
Market breadth remains negative where 61 issues tumbled as opposed to the 28 that went up. A total of 72 stocks were unchanged.
Of the six counters, the biggest victims are financial and property issues. Industrial stocks and holding firms meanwhile bucked the carnage.Click here to read more...
Ayala-owned IMI to debut on stock market
(
IMI is set to list about 1.14 billion common shares, of which only about 18.16 million shares will be tradable. These tradable shares exclude shares equivalent to about 84.6 percent of the company that are subject to the required 180-day lock-up period.
The company will list on the main board of the PSE and trade under the stock trading symbol "IMI" and shall join the "industrial" counter as well as the "diversified" sub-sector.
Listing by way of introduction involves the listing and trading of a company’s shares at the stock market without having to sell new shares through an initial public offering (IPO). This listing is seen appropriate in the case of IMI, which is registered with the Board of Investments and is required to soon make a public offering of its shares.
According to the Philippine Stock Exchange, about 1.04 billion shares are subject to this lock-up requirement equivalent to 84.6 percent of the company's stock. Click here to read more...
MANILA, Philippines -- The Ayalas’ Integrated Micro-Electronics Inc. will debut on the Philippine Stock Exchange Thursday via listing by way of introduction at an indicative opening price of P6.20 per share.
IMI is set to list about 1.14 billion common shares, of which only about 18.16 million shares will be tradable. These tradable shares exclude shares equivalent to about 84.6 percent of the company that are subject to the required 180-day lock-up period.
The company will list on the main board of the PSE and trade under the stock trading symbol "IMI" and shall join the "industrial" counter as well as the "diversified" sub-sector.
Listing by way of introduction involves the listing and trading of a company’s shares at the stock market without having to sell new shares through an initial public offering (IPO). This listing is seen appropriate in the case of IMI, which is registered with the Board of Investments and is required to soon make a public offering of its shares.
According to the Philippine Stock Exchange, about 1.04 billion shares are subject to this lock-up requirement equivalent to 84.6 percent of the company's stock. Click here to read more...
Monday, January 18, 2010
(UPDATE) RP stocks close lower Monday on news of huge fiscal deficit
(philstar.com)
MANILA, Philippines (Xinhua) - The Philippine stock market finished lower Monday on a string of negative news including a widening fiscal deficit and lack of Congress support to boost revenues.
The benchmark Philippine Stock Exchange index lost 12.17 points to 3,106.30, while the all share index shed 0.42 percent or 8.29 points to 1,942.68.
Trading was above average where 1.11 billion shares valued at P3.09 billion ($67.5 million) changed hands because of the special block sale on the shares of Energy Development Corp. and Ayala Land, Inc.
Of the six counters, only the financial index climbed. Market breadth was negative, where 73 issues tumbled and only 31 went up and 58 did not move.
Despite these negative market indicators, foreign investors were on the buying side with P486 million ($10.6 million). Click here to read more...
MANILA, Philippines (Xinhua) - The Philippine stock market finished lower Monday on a string of negative news including a widening fiscal deficit and lack of Congress support to boost revenues.
The benchmark Philippine Stock Exchange index lost 12.17 points to 3,106.30, while the all share index shed 0.42 percent or 8.29 points to 1,942.68.
Trading was above average where 1.11 billion shares valued at P3.09 billion ($67.5 million) changed hands because of the special block sale on the shares of Energy Development Corp. and Ayala Land, Inc.
Of the six counters, only the financial index climbed. Market breadth was negative, where 73 issues tumbled and only 31 went up and 58 did not move.
Despite these negative market indicators, foreign investors were on the buying side with P486 million ($10.6 million). Click here to read more...
Roxas Holdings eyes follow-on stock offering
(abs-cbnNEWS.com)
MANILA, Philippines - Listed sugar producer Roxas Holdings Inc. has hired a financial advisor as it plans to take in strategic investors via a follow-on offering (FOO).
In a disclosure to the Philippine Stock Exchange on Monday, Roxas Holdings said it has engaged the services of Mabuhay Capital Corp. as its financial advisor effective January 15 to help in the valuation and positioning of the firm and its units for the FOO.
"(Mabuhay Capital will) assist in the subsequent valuation and positioning of Roxas Holdings and its relevant subsidiaries in relation to a follow-on offering in the equity capital markets or through private placements," Roxas Holdings said.
Mabuhay Capital is also tasked to help in the selection of underwriters and formulate the terms of issue if the FOO will be done in the equity capital markets.
It will also review Roxas Holdings' existing strategic, operational, and financial plans, prepare valuation models and marketing materials, and help the company negotiate with potential investors. Click here to read more...
MANILA, Philippines - Listed sugar producer Roxas Holdings Inc. has hired a financial advisor as it plans to take in strategic investors via a follow-on offering (FOO).
In a disclosure to the Philippine Stock Exchange on Monday, Roxas Holdings said it has engaged the services of Mabuhay Capital Corp. as its financial advisor effective January 15 to help in the valuation and positioning of the firm and its units for the FOO.
"(Mabuhay Capital will) assist in the subsequent valuation and positioning of Roxas Holdings and its relevant subsidiaries in relation to a follow-on offering in the equity capital markets or through private placements," Roxas Holdings said.
Mabuhay Capital is also tasked to help in the selection of underwriters and formulate the terms of issue if the FOO will be done in the equity capital markets.
It will also review Roxas Holdings' existing strategic, operational, and financial plans, prepare valuation models and marketing materials, and help the company negotiate with potential investors. Click here to read more...
Thursday, January 14, 2010
First Holdings may sell 19M more Meralco stocks
(GMANews.TV)
Lopez-led First Philippine Holdings, Corp. may still sell a portion of its remaining interest in Manila Electric Co. (Meralco), so it can keep at least a 5 percent stake that is equivalent to a board seat, company officials said on Thursday.
In a briefing, First Holdings President Elpidio Ibañez said they might still decide to upload roughly 19 million shares, equivalent to 1.7 percent of the distribution utility.
First Holdings has a 13.4 percent stake in Meralco, but half of it is about to be sold to Philippine Long Distance Telephone Co. (PLDT) for P300 per share, or P22.4 billion, before the end of March next year.
But Ibañez said First Holdings was not yet in talks with the camp of businessman Manuel Pangilinan for a possible sale of the 1.7 percent interest.
Pangilinan-led Metro Pacific Investments Corp. (MPIC) holds the right to match the price of the buyer of the remaining shares of First Holdings in Meralco. Click here to read more...
Lopez-led First Philippine Holdings, Corp. may still sell a portion of its remaining interest in Manila Electric Co. (Meralco), so it can keep at least a 5 percent stake that is equivalent to a board seat, company officials said on Thursday.
In a briefing, First Holdings President Elpidio Ibañez said they might still decide to upload roughly 19 million shares, equivalent to 1.7 percent of the distribution utility.
First Holdings has a 13.4 percent stake in Meralco, but half of it is about to be sold to Philippine Long Distance Telephone Co. (PLDT) for P300 per share, or P22.4 billion, before the end of March next year.
But Ibañez said First Holdings was not yet in talks with the camp of businessman Manuel Pangilinan for a possible sale of the 1.7 percent interest.
Pangilinan-led Metro Pacific Investments Corp. (MPIC) holds the right to match the price of the buyer of the remaining shares of First Holdings in Meralco. Click here to read more...
Wednesday, January 13, 2010
RP stocks end lower Wednesday on US market weakness
(philstar.com)
MANILA, Philippines (Xinhua) - Philippine stocks closed lower Wednesday tracking a weaker US market.
The benchmark Philippine Stock Exchange index lost 0.28 percent or 8.92 points to 3,096.70, while the all share index shed 0.3 percent or 6.01 points to 1,943.11.
Trading was thin where only 1.6 billion shares valued at P2.47 billion ($54 million) changed hands. Foreign investors were net sellers at P181 million ($4 million).
Property, mining and oil and financials extended their gains. The service sector, along with the industrial and holding shares declined on profit taking.
Most stocks tumbled, with 61 issues down. Only 34 issues advanced while 76 were unchanged.
Analyst April L. Tan of online brokerage CitisecOnline blamed Wednesday's decline to the US market, which closed lower Tuesday as companies reported weaker-than-expected earnings. Click here to read more...
MANILA, Philippines (Xinhua) - Philippine stocks closed lower Wednesday tracking a weaker US market.
The benchmark Philippine Stock Exchange index lost 0.28 percent or 8.92 points to 3,096.70, while the all share index shed 0.3 percent or 6.01 points to 1,943.11.
Trading was thin where only 1.6 billion shares valued at P2.47 billion ($54 million) changed hands. Foreign investors were net sellers at P181 million ($4 million).
Property, mining and oil and financials extended their gains. The service sector, along with the industrial and holding shares declined on profit taking.
Most stocks tumbled, with 61 issues down. Only 34 issues advanced while 76 were unchanged.
Analyst April L. Tan of online brokerage CitisecOnline blamed Wednesday's decline to the US market, which closed lower Tuesday as companies reported weaker-than-expected earnings. Click here to read more...
Philippine Builders to Beat Stock Benchmark, Credit Suisse Says
(By Ian C. Sayson)
Jan. 13 (Bloomberg) -- Philippine property companies will outperform the benchmark stock index for a second year on expectations valuations will rise 28 percent as they set up real estate investment trusts, Credit Suisse AG said.
A measure of seven Philippine real estate stocks that’s valued at 17.6 times earnings will rise to 22.5 times in 12 months following a law in December giving tax breaks to property trusts, according to Gilbert Lopez, Manila-based strategist at Credit Suisse.
“The property sector enjoys the clearest and most specific catalysts for price appreciation,” Lopez said in a phone interview yesterday. “This is the first time since 2008 that we’re pounding the table in a major way on the sector.”
Five of Lopez’s top six stock picks are developers and property-related companies, which he predicts will advance as much as 50 percent this year, beating his forecast for the Philippine Stock Exchange Index’s 13 percent gain to 3,500. The benchmark gauge rose 0.6 percent to 3,105.62 yesterday.
The Philippine Stock Exchange Property Index jumped 73 percent last year as record remittances from overseas Filipinos and interest rates offset slower economic growth, beating the 63 percent advance in the benchmark measure. Click here to read more...
Tuesday, January 12, 2010
RP stocks slightly up amid subdued Wall Street trading
By Doris Dumlao
Philippine Daily Inquirer
MANILA, Philippines – Local stocks were marginally up on Tuesday, making an uphill climb past the crucial 3,000 mark amid a subdued mood in Wall Street trading overnight.
The main share Philippine Stock Exchange composite index gained 18.27 points or 0.59 percent to close at 3,105.62.
There was an equal number of advances and gainers (53) while 61 stocks were unchanged. Value turnover amounted to about P3 billion. Click to read more...
Philippine Daily Inquirer
MANILA, Philippines – Local stocks were marginally up on Tuesday, making an uphill climb past the crucial 3,000 mark amid a subdued mood in Wall Street trading overnight.
The main share Philippine Stock Exchange composite index gained 18.27 points or 0.59 percent to close at 3,105.62.
There was an equal number of advances and gainers (53) while 61 stocks were unchanged. Value turnover amounted to about P3 billion. Click to read more...
Monday, January 11, 2010
Penny stocks lift RP bourse Monday
(philstar.com)
MANILA, Philippines (Xinhua) - The Philippine market opened the week positively on selective buying.
The bellwether Philippine Stock Exchange index climbed by 0.33 percent or 10.17 points to close at 3,087.35 on Monday, while the all share index rallied by 0.4 percent or 7.89 points to 1,944.95.
Of the six counters, only property firms tumbled while holding firms gained the most.
Trading was thin where only 1.54 billion shares valued at P2.73 billion ($59.5 million) changed hands. Foreign investors were net buyers at P65 million ($1.4 million).
Market breadth was positive where a total of 62 stocks gained while 39 slipped and 59 were unchanged.
"Investor sentiment is seen to remain generally on the safe side with economic data both here and abroad have yet to give off convincing signs we are out of the woods," Justino Calaycay, analyst at Accord Capital Equities Corp., said in his daily stock market comment.
Calaycay said the market is still in a "year-long uptrend line" even if the pace of its advance has already slowed down as equity investors wait for fundamental or economic reasons that will support the surge in the stocks' values. CLICK TO READ MORE...
MANILA, Philippines (Xinhua) - The Philippine market opened the week positively on selective buying.
The bellwether Philippine Stock Exchange index climbed by 0.33 percent or 10.17 points to close at 3,087.35 on Monday, while the all share index rallied by 0.4 percent or 7.89 points to 1,944.95.
Of the six counters, only property firms tumbled while holding firms gained the most.
Trading was thin where only 1.54 billion shares valued at P2.73 billion ($59.5 million) changed hands. Foreign investors were net buyers at P65 million ($1.4 million).
Market breadth was positive where a total of 62 stocks gained while 39 slipped and 59 were unchanged.
"Investor sentiment is seen to remain generally on the safe side with economic data both here and abroad have yet to give off convincing signs we are out of the woods," Justino Calaycay, analyst at Accord Capital Equities Corp., said in his daily stock market comment.
Calaycay said the market is still in a "year-long uptrend line" even if the pace of its advance has already slowed down as equity investors wait for fundamental or economic reasons that will support the surge in the stocks' values. CLICK TO READ MORE...
Friday, January 8, 2010
RP stocks trade sideways on absence of clear market
MANILA, Philippines – Shares on the Philippine Stock Exchange traded sideways on Friday as local investors continued to temper their moves in the absence of clear market moving developments.
The PSE index clawed back losses of as much as 15 points to end the trading session at 3,077.18, representing a decline of only 0.6 points or 0.019 percent. A total of 1.4 billion shares changed hands for a value turnover of P2.4 billion.
Market watchers noted that big investors are still waiting on the sidelines in the first trading week of 2010, leaving the bulk of market action to speculative investors.
A total of 55 stocks moved higher, compared to 57 that declined, and another 55 that remained unchanged. Click here to read more...
Thursday, January 7, 2010
Stocks trek 1.24% higher on corporate developments
By Daxim Lucas
Philippine Daily Inquirer
MANILA, Philippines—Shares on the Philippine Stock Exchange trekked higher on Thursday buoyed by the robust performance of index heavyweight Philippine Long Distance Telephone Co. (PLDT).
At the end of the session, the PSE index stood at 3,077.78, higher by 37.85 points or 1.24 percent—its intraday peak.
Shares of PLDT rose by P50 to end at P2,690 marking its third consecutive day in positive territory.
However, the stock was only fifth on the bourse’s list of most active counters which was led by the Energy Development Corp. and Metro Pacific Investments Corp.
Trading volume on MPIC—a holding firm owned by PLDT’s same parent, Hong Kong’s First Pacific Co. Ltd.—rose sharply after it unveiled a plan to increase its free float to 15 percent from the present level of 2 percent.
Trading volume for the entire bourse was higher with 3.38 billion shares changing hands, worth P2.54 billion. Click here to read more...
Philippine Daily Inquirer
MANILA, Philippines—Shares on the Philippine Stock Exchange trekked higher on Thursday buoyed by the robust performance of index heavyweight Philippine Long Distance Telephone Co. (PLDT).
At the end of the session, the PSE index stood at 3,077.78, higher by 37.85 points or 1.24 percent—its intraday peak.
Shares of PLDT rose by P50 to end at P2,690 marking its third consecutive day in positive territory.
However, the stock was only fifth on the bourse’s list of most active counters which was led by the Energy Development Corp. and Metro Pacific Investments Corp.
Trading volume on MPIC—a holding firm owned by PLDT’s same parent, Hong Kong’s First Pacific Co. Ltd.—rose sharply after it unveiled a plan to increase its free float to 15 percent from the present level of 2 percent.
Trading volume for the entire bourse was higher with 3.38 billion shares changing hands, worth P2.54 billion. Click here to read more...
Tan to take majority stake in MRC Allied
Written by Miguel R. Camus
THE eldest son of tycoon Lucio Tan is set to control listed property developer MRC Allied Industries Inc. in line with the firm’s planned transformation into a power company.
In a filing to the Philippine Stock Exchange, MRC said negotiations have begun for the entry of Lucio Tan Jr., ahead of the firm’s shareholders meeting on January 22.
“We wish to disclose that our lawyers will start drafting our memorandum agreement in relation to Mr. Tan’s entry as a majority shareholder in our company,” MRC told the stock exchange on Thursday.
Shares of MRC gained a further 2.66 percent to end yesterday’s session at P 0.77 apiece. The company’s shares had more than doubled since its January 4 open.
MRC, which has real estate projects in Cebu and Leyte province, said a contract will be finalized within the next two weeks.
This follows a Wednesday disclosure wherein MRC said it is currently in talks with the younger Tan for a possible joint venture that will involve the acquisition of a power plant.
In an interview over ANC Channel, MRC’s majority shareholder Benjamin Bitanga said the company had already been in talks with Tan since last year. He said the MRC buy-in will be worth over P3 billion. Click here to read more...
Wednesday, January 6, 2010
Universal Rises Most in 6 Years on Deutsche Forecast (Update2)
By Ian Sayson
Jan. 6 (Bloomberg) -- Universal Robina Corp., the largest Philippine maker of snackfood, jumped the most in six years in Manila trading after its share-price forecast was almost doubled by Deutsche Bank AG on its earnings prospects.
Universal Robina climbed 9.7 percent to 17 pesos at the noon close of trading in Manila, its steepest advance since Jan. 7, 2004. A total of 9.2 million shares changed hands today, three times the six-month daily average. The stock also had the biggest percentage gain in the benchmark Philippine Stock Exchange Index, which added 0.4 percent.
Deutsche Bank raised the stock’s 12-month share-price forecast to 16 pesos from 8.50 pesos as it forecasts the Manila-based company’s earnings will increase 15 percent in its fiscal year ending September and by 11 percent in 2011. The brokerage kept its “hold” rating on the shares. Click here to read more...
MRC Allied confirms talks of power venture
Written by Miguel R. Camus
LISTED MRC Allied Industries Inc., a property developer with projects in Cebu and Leyte provinces, confirmed talks it will diversify into the power-generation sector.
“We confirm that there is an ongoing negotiation with Mr. Lucio Tan Jr. regarding a possible joint venture that will involve acquisition of a power plant. No other details are confirmed as of this time,” MRC yesterday wrote in a disclosure to the Philippine Stock Exchange.
The filing follows a newspaper report that the firm is in talks with Tan, known in the circle by his nickname “Bong,” is chairman of MacroAsia Corp., another Tan-controlled company, a holding firm with interests in aircraft services, mining and property development.
Originally incorporated in 1990 as Makilala Rubber Corp., MRC Allied in into development of master planned, integrated residential, commercial, recreational, tourism and industrial areas within a single community or township.
The company declined to provide additional details, noting that a final agreement has yet to be reached. Click here to read more...
Tuesday, January 5, 2010
(UPDATE) RP stocks end higher Tuesday on US market gains
(philstar.com)
MANILA, Philippines (Xinhua) - The Philippine market rebounded Tuesday tracking the US market's upbeat performance. The bellwether Philippine Stock Exchange index climbed by 0.78 percent or 23.45 points to 3,028.46, while the all share index rallied by 0.65 percent or 12.36 points to 1,909.22.
Tuesday's trading volume improved to P2.55 billion ($55.3 million), with foreign investors consistently on the buying side at 493 million pesos (10.7 million US dollars).
Of the six counters, property shares and holding firms dipped.
Despite the selected rally in the six subindices, most issues finished on the positive note. A total of 80 stocks went up while only 40 slipped and 54 were unchanged.
Justino Calaycay of local brokerage Accord Capital Equities Corp. said Tuesday's performance was the result of the strong rally of the US market, backed by a series of positive reports like the higher manufacturing activity for December. READ MORE...
Dispute looms over BDO stake sale in Mabuhay Vinyl
Written by Erik dela Cruz / Reporter
A LEGAL dispute is brewing over the move of Banco de Oro Unibank (BDO), the country’s largest bank, to sell its equity interest in Mabuhay Vinyl Corp. (MVC) to Tosoh Corp. of Japan and Philippine Resins Industries Inc. The said transaction is reportedly worth P234.6 million.
Tosoh, through its lawyers, told the Securities and Exchange Commission and the Philippine Stock Exchange in a December 22 letter that it suspended the acquisition of the MVC shares from BDO after receiving a letter from Metro Alliance Holdings and Equities Corp. (Mahec). The latter is claiming it is the rightful owner of the shares held by the bank.
BDO, controlled by retail tycoon Henry Sy Sr., announced in October that it had reached an agreement to sell its interest in MVC to Tosoh and Philippine Resins, consisting of 234.6 million shares, at P1 per share.
BDO acquired the MVC shares in June 2007 at a cost of P179.2 million. This, after the bank merged some of its units and sold redundant and non-core assets over the past two years after joining with Equitable PCI Bank in 2007.
Mahec, an investment holding company owned by businessman William Gatchalian holds interests in the wholesale distribution and marketing of pharmaceutical, consumer and medical supply products and agrochemicals.
Tosoh lawyers said their client and Philippine Resins “are committed to acquiring the MVC shares pursuant to the agreement with BDO, provided the dispute between BDO and Mahec is resolved and there is no claim to the shares of any nature by any party.”
The disputed shares constitute 34.08 percent of the outstanding capital stock of MVC. Tosoh lawyers said the acquisition of such shares would result in Tosoh owning more than 50 percent of the outstanding shares of MVC, a listed company. READ MORE...
Monday, January 4, 2010
First-day jitters; index drops 1.6%
Written by Bloomberg
THE Philippine Stock Exchange Index fell 47.67, or 1.6 percent, to 3,005.01 at the close of trades yesterday its sharpest loss since October 29. More than two stocks fell for every one that rose on the broader All Share Index.
Metropolitan Bank & Trust Co. (MBT PM), the second-largest Philippine bank by assets, decreased 2.2 percent to P44, the lowest since December 22, on speculation a widening budget deficit will push up interest rates and dent earnings.
Bank of the Philippine Islands, the nation’s third-biggest bank, sank 3.1 percent to P46.50, its sharpest retreat since October 28. Read more...
Sunday, January 3, 2010
Surge of stocks seen amidst uncertainty
By JAMES A. LOYOLA
January 3, 2010, 1:30pm
The local stock market is expected to see a surge of optimism in the first month of the new year, given the 63 percent growth it posted in 2009 despite the backdrop of uncertainty as the economy tries to recover from the global crisis.
“Firms that have reported decent, if not handsome, bottomlines for the first nine months will be prime candidates at trades open on January 4, 2010,” said Accord Securities analyst Justino Calaycay Jr.
He noted that money may initially flow in towards blue chip and second-line counters. Yet, as shown in 2009, despite the backdrop of uncertainly, speculative stocks will also get their fair share of the flow.
He noted that money may initially flow in towards blue chip and second-line counters. Yet, as shown in 2009, despite the backdrop of uncertainly, speculative stocks will also get their fair share of the flow.
The Philippine Stock Exchange enjoyed another banner year in 2009 after the market, as tracked by the PSE index (PSEi), recorded a 63 percent annual growth.
This is the highest annual index growth since 1994 when the PSE first operated as a merged entity following the unification of the Manila Stock Exchange (MSE) and Makati Stock Exchange (MKSE) and when the stock market was subsequently tracked by only one main index.
“We began 2009 with a cloud of uncertainty following a global financial crisis that unfolded in late 2007 to 2008. As the year ends, we see a strong recovery in the market which we are hopeful will spill over in 2010 and beyond,” PSE president Francis Lim said. Read More...
Philippine banks, property to gain in 2010
By Myra P. Saefong, MarketWatch
TOKYO (MarketWatch) -- The Philippine stock market might not keep pace in 2010 with its year-to-date climb of more than 60%, but it will likely continue to post gains, with the banking, consumer and property sectors leading the advance.
"The investment environment is now more favorable than 1-1/2 years ago," Rommel Rodrigo, research head at DBP Daiwa Securities in Manila, said in a recent research note.
As a result, the benchmark PSE Composite Index may rise "modestly" from its current levels to 3,240 in the fiscal year 2010, he said, citing expected improvement in earnings forecasts.
"With corporate earnings recovering on upward revisions to sales-growth projections and cost cutting, upward earnings revisions may gain momentum," he said.
In late morning trading Tuesday in Manila, the PSE Composite was 0.4% higher at 3,044.88, moving at its strongest levels since Dec. 17. A year ago, it closed at 1,872.85.
Among specific market sectors, DBP Daiwa Securities has raised its view on banking, consumer-related stocks and property to overweight from neutral this year. Read more...
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