Hang Seng – Maniolas

Index retreats for 5th straight day

Economy

Dec 092013

MANILA, Philippines – The local bourse retreated for the fifth straight day yesterday, ignoring the climb in Asian and global markets.

The Philippine Stock Exchange index eased 0.10 percent or six points to 6,008.90, recovering from the intraday low of 5,989.08. The broader all shares index fell 0.21 percent or 7.67 points to 3,680.80.

“Against a backdrop of optimism that covers the rest of Asia, Philippine shares started the week on the same footing it ended the previous four sessions,” Justino Calaycay Jr., an analyst at Accord Capital Equities Corp.

Given the historical average increase of the main index during December, Calaycay said “the best the index could hope for would be around 6,400. Anything above it will be a welcome surprise.”

Wall Street gained on Friday amid stronger-than-expected US job creation last month. The Dow Jones Industrial average rose 1.26 percent or 198.69 points to 16,020.20, while the broader Standard & Poor’s 500 index added 1.12 percent or 20.06 points to 1,805.09.

Japan’s Nikkei 225 rallied 2.29 percent or 350.35 points to 15,650.21, while Hong Kong’s Hang Seng index picked up 0.29 percent or 68.07 points to 23,811.17.

Business ( Article MRec ), pagematch: 1, sectionmatch: 1

Most counters were in the red, paced by property firms that shed 1.18 percent or 27.81 points to 2,320.95. But holding firms improved 0.78 percent or 42.86 points to 5,537.86.

The value of shares traded slipped to P4.58 billion from P5.9 billion on Friday. Decliners outpaced advancers, 99 to 53, while 40 stocks did not change.

Index climbs as market turns optimistic

Economy

Sep 092013

MANILA, Philippines – The Philippine Stock Exchange index (PSEi) rose 0.38 percent or 22.42 points to 5,997.04 as investors turned optimistic given positive developments overseas. “A discernible shift towards optimism continues to visit upon the market as the week opened,” said Justino Calaycay, an analyst at Accord Capital Equities Corp. “Still, the pace remains rather slow, evidencing a hangover of hesitation ahead of the crucial Federal Reserve meeting two weeks henceforth,” Calaycay said. The markets expects the US Fed to start tapering off its bond buying stimulus program, which has boosted liquidity in the financial markets. Asian bourses were also in the positive territory on the back of news on export growth and steady inflation in China. Japan’s Nikkei 225 rallied 2.48 percent or 344.42 points to 14,205.23 while Hong Kong’s Hang Seng index gained 0.37 percent or 83.75 points to 22,704.97. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Locally, all counters were in the green, led by industrial sector that added 0.69 percent or 63.40 points to 9,303.92. Turnover remained thin at P5.4 billion from P5.37 billion on Friday. Advancers outpaced decliners, 89 to 53, while 32 stocks did not change. “The PSEi made an early foray into and test of the 6,000-mark but continues to fail to hold as value turnover remains light,” Calaycay said.

Index eases ahead of long weekend

Economy

Aug 082013

MANILA, Philippines – Local stocks barely moved yesterday as investors stayed on the sidelines ahead of a long weekend. The Philippine Stock Exchange index fell 0.26 percent or 16.56 points to settle at 6,404.23, while the broader all shares index slipped 0.13 percent or 4.93 points to 3,918.63. “The market was quiet again. It seems like most investors are already on a holiday mood given the long weekend as seen in the value turnover,” Astro del Castillo, managing director of First Grade Finance Inc. Financial markets are closed today due to Eid al-Fitr celebration. Asian bourses closed mixed, with Japan’s Nikkei 225 continuing to suffer from volatility as it declined 1.59 percent or 219.38 points to 13,605.56, while Hong Kong’s Hang Seng index inched up 0.31 percent or 67.04 points to 21,655.88. Wall Street also failed to bring good news to the local market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Dow Jones industrial average lost 0.3 percent or 48.07 points to 15,470.67, while the Standard & Poor’s 500 index shed 0.4 percent or 6.46 points to 1,690.91 on disappointing earnings. In the local bourse, most subindices were in the red, led by holding firms that eased 0.37 percent or 21.21 points to 5,784.31. Mining and oil bucked the trend, barely rising 0.09 percent or 13.32 points to 14,500.33. Turnover value dropped anew to P4.18 billion from P4.94 billion on Wednesday. Advancers barely outplayed decliners, 63 to 61, while 57 stocks did not change.

Index barely moves in lackluster trade

Economy

Aug 072013

MANILA, Philippines – Lackluster trading marked the start of the traditional Chinese ghost season, with the main share index barely changing from Tuesday’s close. The Philippine Stock Exchange index (PSEi) was nearly unchanged at 6,420.79, up by just 0.01 point. The broader all shares index inched up 0.03 percent or 1.28 points to 3,923.56. “There is really nothing to drive the market. There is a dearth of news and the interest is not there,” said Astro del Castillo, managing director of First Grade Finance Inc. “August is called ghost month after all given the lackluster trades of the market,” Del Castillo said. Considered unlucky by Chinese, investors hold off from major investment decisions while Western fund managers take advantage of low turnover to enjoy vacation. The bellwether index erased early gains that allowed it to hit an intraday high of 6,450.41. Local shares were immovable, bucking large decline in Asian markets, led by Japanese stocks that suffered from a stronger yen that hurts the export sector. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Japan’s Nikkei 225 sank four percent or 576.12 points to 13,824.94 while Hong Kong’s Hang Seng index declined 334.86 points to 21,588.84. Locally, all counters were in the green, led by mining and oil that recovered 58.37 points to 14,487.01. Holding firms bucked the trend, slipping 0.78 percent or 45.93 points to 5,805.52. Del Castillo said that even benign inflation data and good corporate earnings failed to cheer the market.

Plunge in Meralco stocks dampens index

Economy

Jul 192013

MANILA, Philippines – Profit taking and discounted sale of blue chip Manila Electric Co. (Meralco) dragged down the Philippine Stock Exchange index (PSEi) yesterday. The PSEi retreated 0.41 percent or 27.33 points to settle at 6,621.02, while the broader all shares index dropped 0.48 percent or 19.26 points to 4,032.08. Most active stock were mixed but the main index was dampened by the plunge in Meralco’s share price. Diversified conglomerate San Miguel Corp. (SMC) trimmed its 32.8-percent stake in the country’s largest power distributor. SMC sold 64.33 million Meralco shares at P270 apiece, representing a steep 10.71-percent discount compared with the previous closing price of P302.40. Top-traded Meralco lost 8.2 percent to end at P277.60 yesterday amid the heavily-discounted sale. Given the run-up of the benchmark index past the 6,600 level, some investors opted to book gains. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The local stock market bucked another record high in Wall Street, which was driven by strong corporate earnings. The Dow Jones industrial average climbed 0.5 percent or 78.02 points to 15,548.54 while the broader Standard & Poor’s 500 index rose 0.5 percent or 8.46 points to 1,689.37. Closer to home, Asian shares were mixed, with Japan’s Nikkei 225 shedding 1.48 percent while Hong Kong’s Hang Seng inched up 0.03 percent. Locally, most counters were in the red, led by financial firms that slipped 0.98 percent or 15.72 points to 1,595.30. Mining and oil added 0.57 percent or 81.52 points to 14,369.94.

Stocks extend rally as global markets recover

Economy

Jun 272013

Stocks extend rally as global markets recover

MANILA, Philippines – Hefty recoveries in global and regional markets spread to the local bourse yesterday, allowing the main index to rally for the second straight day en route to returning to the 6,300 level. The Philippine Stock Exchange index climbed 3.42 percent or 209.06 points to end at 6,328, while the broader All Shares index jumped 3.14 percent or 117.94 points to 3,877.61. Justino Calaycay Jr., an analyst at Accord Capital Equities Corp., said investors kept an eye on overseas development amid lack of market-moving news locally. “With share prices in Europe posting decent gains and US stocks extending a triple-digit advance to day two, local counters joined its regional peers in the green,” Calaycay said. On Wednesday, Wall St. rose for the second straight day on the back of a downward adjustment in US first quarter economic growth, which might prompt the Federal Reserve to keep its stimulus program longer. The Dow Jones industrial average picked up one percent or 149.83 points to 14,910.14 while the broader Standard & Poor’s 500 index gained one percent or 15.23 points to 1,603.26. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In regional markets, Japan’s Nikkei 225 added 2.96 percent or 379.54 points to 13,213.55 while Hong Kong’s Hang Seng index inched up 0.52 percent or 104.80 points to 20,443.35 on easing worries over the credit crunch in China. Locally, all counters were in positive territory, led by holding firms that rallied 4.15 percent or 225.81 points to 5,669.50.

Phl stocks buck regional downtrend

Economy

Feb 072013

MANILA, Philippines – Local share prices rebounded yesterday, bucking the cautious trading in Asian markets ahead of a European Central Bank’s policy meeting. The Philippine Stock Exchange index rose 0.45 or 28.64 points to close at 6,459.99, recovering from a profit taking spree a day ago as investors picked second liners. The broader all shares index gained 0.61 percent or 24.75 points to 4,062.70. Investors reallocated investments in favor of second liners that might benefit from the continued low interest rate environment and market liquidity, Freya Natividad, investment analyst at brokerage firm 2Trade-Asia.com, said in a phone interview. Local fundamentals shielded the country from worries in neighboring markets, Natividad said. In Asia, the trading day was marked by cautiousness as investors waited for the results of the ECB policy meeting. Investors also watched out for indications on the economic growth of the European economic bloc. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Japan’s Nikkei 225 lost 0.93 percent or 106.68 points to 11,357.07 while the Hong Kong’s Hang Seng index declined 0.4 percent or 79.93 points to 23,177. On Wednesday in Wall Street, the Dow Jones industrial average inched up 0.05 percent or 7.22 points to 13,986.52 while the broader Standard & Poor’s 500 index barely rose 0.05 percent or 0.83 points to 1,512.12. The market also awaited the ECB policy meeting.