Justino Calaycay – Maniolas

Phl bourse slumps on fears over US Fed tapering

Economy

Dec 102013

MANILA, Philippines (Xinhua) – The Philippine stock market slipped below the 6,000-level over fears that the US Federal Reserve would cut its stimulus program.

The bellwether Philippine Stock Exchange index dived by 2.04 percent, or 122.54 points, to 5,886.40, while the broader all- share index lost 1.85 percent, or 68.22 points, to 3,612.58.

Trading volume reached 633.93 million shares worth P7 billion ($159.06 million) with 124 stocks declining, 31 advancing, and 36 were unchanged.

All six counters were down.

“At this point, nothing appears able to spur confidence in equities with the index sustaining further declines,” analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment.

Calaycay said not even the 16,000-level of the Dow Jones could entice investors who are balancing the timing of the Fed’s tapering on one hand and the oncoming budget talks on the other.

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

The analyst noted that he had already warned that a reduction in the US stimulus program is inevitable, but he said the question on everyone’s mind is when such reduction will be effected.

Nevertheless, 2TradeAsia.com said separately that the recent drop might attract some investors to the battered issues.

Stocks in the 30-company index were mostly down. These include Ayala Corp., Banco de Oro Unibank, Inc., and Megaworld Corp.

Phl bourse maintains losing streak

Economy

Nov 252013

MANILA, Philippines (Xinhua) – The Philippine stock market retreated for the sixth time toMonday as investors continued to unload their shares over fears that the local equities market’s fortune has been reversed. The bellwether Philippine Stock Exchange index is threatening to break below the 6,000-level after shedding another 1.32 percent, or 80.58 points, on Monday to settle at 6,004.26. Similarly, the all-share index retreated by 0.97 percent, or 35.96 points, to 3, 681.67. Trading volume reached 552.94 million shares worth P7.16 billion ($163.4 million) with 92 stocks declining, 64 advancing, and 28 were unchanged. Of the six counters, only the financials and the mining and oil sectors bucked the trend. “The conviction that pushed the market to 31 fresh all-time records in the first five months of the year has completely evaporated and fears that the bull-market has probably reached a point of reversal begins to spread,” said analyst Justino Calaycay of Accord Capital Equities Corp. The analyst noted that the composite index is just a couple hundred points above the 2012 close and any further drops will wipe out all the year’s gains. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Calaycay said there is an increasing number of “unbelievers” and that any further slide will pull down the index to the 5,812. 73-mark. This, he said, will strengthen the bears’ claims. On the other hand, a recovery that restores the index to at least between the 6, 200-6,300 range should lend some credence to the bull’s proposition Read More …

Bourse slides on profit-taking

Economy

Nov 182013

MANILA, Philippines (Xinhua) – Lacking incentive to entice more investors to place their money in the stock market, the local equities closed today’s session in the negative. The bellwether Philippine Stock Exchange index lost 0.05 percent or 3.15 points to 6,343.25, while the broader all-share index retreated by 0.11 percent or 4.14 points to 3,864.86. Trading volume reached 539 million shares worth P6.52 billion ($149.76 million) with 74 stocks declining, 61 advancing and 50 were unchanged. Of the six counters, only the holding firm sector bucked the trend. “Although buyers have surfaced in time to stave off a drop below 6,200 last week, lifting the equities remains heavy as rallies are soon enough capped by profit-taking,” analyst Justino Calaycay of Accord Capital Equities Corp. said. The analyst said not even the positive outcome of trading sessions in neighboring Asian countries and China’s decision to implement broad-based reforms could prevent profit-taking among investors. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Local shares joined the cheer but continued to meet stiff resistance from sellers, capping the advance and even threatening to send the measure back in the red. Deep into the afternoon session, the bulls finally caved in to the pressure, allowing the bears to take the day,” Calaycay said. The composite index in fact went up to as high as 6,386.62 or 40 points higher from Friday’s close before profit takers dominated the session. The bellwether touched an intra-day low of 6,324.24 on Monday. In the meantime, Calaycay said Read More …

Stocks end higher despite of caution

Economy

Oct 032013

MANILA, Philippines (Xinhua) – The stock market extended its rally today even after the fiscal drama in the United States has left many guessing of local investors on the US Federal Reserve’s next move. The bellwether Philippine stock market gained 0.4 percent or 25. 39 points to 6,387.65, while the broader all-share index rose by 0. 14 percent or 5.52 points to 3,842.32. Trading volume reached 921 million shares worth P6.11 billion ($141.74 million) with 72 stocks declining, 62 advancing, and 52 were unchanged. Of the six counters, only the financials and the industrial sectors bucked the trend. “Share prices appeared to poised to take a breather and snapped a two-session run as the continuing fiscal drama in the US left investors clueless,” analyst Justino Calaycay of Accord Capital Equities Corp. said in his daily stock market comment. The latest investment rate upgrade from Moody’s Investor Service nevertheless helped boost investors confidence, especially after the index tumbled by as much as 60 points during the session before clawing back to its closing level. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Calaycay said the three-day rally of the local equities suggest that investors might have shifted gear and are now bullish. “Prudence is still better. There are still many headwinds and obstacles along the way,” he said. Stocks in the 30-company index closed mixed. Among those picked up were Alliance Global Group, Inc., Metropolitan Bank and Trust Co., and heavyweight Philippine Long Distance Telephone Co.

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.