Justino Calaycay Jr

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.

Market manages to end week in positive territory

Economy

Oct 042013

Market manages to end week in positive territory

MANILA, Philippines – Local stocks ended the week in positive territory despite the drag caused by top-traded Universal Robina Corp. (URC), as investors take positions ahead of the earnings season. The Philippine Stock Exchange index inched up 0.04 percent or 2.83 points to 6,390.48, while the broader all shares index added 0.31 percent or 12.04 points to 3,854.36. “The PSEi showed it can easily regain the 6,300 handle, even making an attempt at 6,400, “ said Justino Calaycay Jr., an analyst at Accord Capital Equities Corp. Investors took note of recent price drops as buying opportunities heading into the earnings cycle, Calaycay said. However, gains were cut by the correction in share price of URC, which has been the top-traded stock in the past few days. The snacks giant retreated 4.88 percent to P117 apiece after parent firm JG Summit Holdings Inc. sold P12 billion worth of URC shares at P115 each. Despite the flat closing, the local bourse bucked the decline in Wall Street that was hurt by the continuing US government shutdown. The Dow Jones industrial average shed 0.9 percent or 136.66 points to 14,996.48 while the broader Standard & Poor’s 500 index fell 0.9 percent or 15.21 points to 1,678.66. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Most counters were in the green, led by financial firms that gained 0.81 percent or 12.65 points to 1,581.74. Losers were led by industrial companies that eased 0.28 percent or 26.15 points to 9,311.15.

Market continues rally; index up 131 pts

Economy

Aug 302013

Market continues rally; index up 131 pts

MANILA, Philippines – The Philippine Stok Exchange (PSE) index rallied for the second straight day yesterday, rising 2.20 percent or 130.96 points to 6,075.17. “Equity investors found more reason to stay optimistic after US economic numbers showed the worst may be over,” said Justino Calaycay Jr., an analyst at Accord Capital Equities Corp. “European shares snapped three consecutive days of losses as the UK Parliament rejected a proposed military involvement in Syria,” Calaycay said. Geopolitical tension in Syria, particularly the potential US-led military strike, has been hounding stock markets in the past few days. Wall Street advanced anew as easing tensions was coupled with a surprising 2.5-percent second quarter gross domestic product growth in the US. The Dow Jones industrial average gained 0.1 percent or 16.44 points to 14,840.95, while the broader Standard & Poor’s 500 index rose 0.2 percent or 3.21 points to 1,638.17. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Locally, all counters were in the green, led by property firms that rose 2.81 percent or 63.39 points to 2,319.44. “The PSEi started off with a 40-point gain and except for a momentary slide took a decidedly positive heading, breaking into the 6,000-line going into the final hour of morning trades,” Calaycay said. Turnover value spiked to P14.43 billion from P9.69 billion on Thursday. There were two advancers for every decliner. SM Investments Corp. (+1.36 percent) remained as the top traded company, followed by Ayala Land Inc. (+3.31 percent) and PLDT (+2.79 percent).

Stocks fall anew on dismal US jobs data

Economy

Aug 052013

MANILA, Philippines – Stocks declined for the second straight session yesterday as negative sentiment in the US caused by lower-than-expected hiring data spilled over to the local bourse. The Philippine Stock Exchange index fell 0.37 percent or 24.22 points to 6,509.73, closing at its intraday low in a lethargic session. The broader All Shares index declined 0.38 percent or 15.09 points to 3,967.04. “A shortfall in new hires in the US against expectations sent Asian investors rushing to the exits, pulling the regional benchmark and majors lower as the week’s trading opened,” said Justino Calaycay Jr., an analyst at Accord Capital Equities Corp. Late last week, the US Labor Department reported that 162,000 jobs were created in July, below the market’s expectation of 185,000 jobs. The unemployment rate, however, slipped to 7.4 percent, its lowest since December 2008. “Positive numbers, which generally should impart a positive spin to trades, particularly from the employment and inflation numbers, have generally elicited negative reactions at it draws the US Federal Reserve closer to justifying a cut to the bond purchase program,” Calaycay said. Around Asia, shares were mixed, with Japan’s Nikkei 225 losing 1.44 percent or 208.12 points to 14,258.04, while Hong Kong’s Hang Seng index inched up 0.14 percent or 31.04 points to 22,222.01. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Locally, all counters, save for mining and oil that rose 0.44 percent or 63.23 points to 14,395.28, were in the red. The decliners were led by holding firms that Read More …

Stocks slip on weak Wall St earnings

Economy

Jul 172013

MANILA, Philippines – The bellwether stock index slipped for the second straight session yesterday as investors took the lead from disappointing earnings in Wall St. while some stayed on the sidelines ahead of US Federal Reserve chairman Ben Bernanke’s policy speech before Congress. The Philippine Stock Exchange index (PSEI) dropped 0.13 percent or 8.83 points to 6,574.72, paring earlier losses that pushed the main index to an intraday low at 6,514.10. “The battle between the bears and the bulls turned in favor of the former as another round of not-so-encouraging numbers from the US corporate front pulled on sentiments,” said Justino Calaycay Jr., an analyst at Accord Capital Equities Corp. “Adding to the slight return to pessimism was another Fed official voicing the need to cut back on the stimulus program ahead of Bernanke’s semi-annual monetary policy report to Congress later this week,” he added. Wall St. which is in the thick of the earnings season, retreated Tuesday on the back of lower-than-expected second quarter income companies like Coca-Cola. The Dow Jones industrial average shed 0.2 percent or 32.41 points to close at 15,451.85 while the broader Standard & Poor’s 500 index slipped 0.4 percent or 6.24 points to 1,676.26, snapping an eight-day climb. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Local stocks bucked the climb in Asian stocks. Japan’s Nikkei 225 rose 0.11 percent or 15.92 points to 14,615.04, while Hong Kong’s Hang Seng index inched up 0.28 percent or 59.49 points to 21,371.87.

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.

Market drops below 6,000; peso falls

Economy

Jun 242013

MANILA, Philippines – Continuous foreign selling amid external worries dragged the bellwether stock index to a six-month low yesterday and nearer bear market territory. At the same time, the peso hit a fresh 17-month low versus the greenback as investors expect positive data from the US this week to support a pullout of stimulus measures later this year. The Philippine Stock Exchange index (PSEi) sank 3.41 percent or 211.12 points to end at 5,971.05, its lowest since closing at 5,934.05 on Jan. 4. After hitting its 31st all-time high this year at 7,392.20 on May 15, the PSEi has since fallen 19.22 percent. A 20 percent or more decline marks the start of the bear market. Meanwhile, the local currency closed at 43.84 against the dollar, losing 12 centavos versus its close last Friday at 43.72. The close was the peso’s weakest against the US currency since Jan. 16, 2012 when it hit 43.88. Last Friday, the peso touched the 44-level, a two-year low, before it bounced back to close stronger. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We broke down below 6,000 psychological support, trailing regional bourses’ performance,” said Freya B. Natividad, investment analyst at Papa Securities. “I think the weakness stemmed from continued sell-off of foreign fund managers in the local bourse,” she said. Net foreign selling hit P557.77 million yesterday. Justino Calaycay Jr., an analyst at Accord Capital Securities, said attention shifted to the growing weakness of the Chinese economy. “Bears kept its dominance, threatening Read More …

Growth report fails to lift stock market

Economy

May 302013

Growth report fails to lift stock market

MANILA, Philippines – Massive selldown by fund managers, surprisingly following the announcement of robust first quarter Philippine economic growth, weighed down heavily on the main index, which recorded its largest single-day loss in history. The benchmark Philippine Stock Exchange index (PSEi) suffered a bloodbath yesterday, plunging 3.81 percent or 275.22 points to 6,953.35. It is the largest single-day loss in the bellwether index, eclipsing the 263.84-point drop on Feb. 28, 2007. “Concerns about US Federal Reserve scaling back its quantitative easing overshadowed the surprising gross domestic product (GDP) data,” Freya Natividad, analyst at online brokerage firm 2TradeAsia.com, said in a phone interview. Philippine GDP surged a higher-than-expected 7.8 percent in the first quarter, driven by the construction and manufacturing industries. “A string of negative leads sent global stocks on yet another tailspin only a day after it posted a strong comeback off a four-session slump,” said Justino Calaycay Jr., analyst at Accord Capital Securities. He said there were also questions over European and China’s growth, adding to the gloomy sentiments. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In the US, Wall St. succumbed to worries that the Fed will pull out its stimulus program given an economic recovery. The Dow Jones industrial average declined 0.69 percent or 106.59 points to 15,302.80 while the broader Standard & Poor’s 500 index slipped 0.7 percent or 11.70 points to 1,648.36. Asian stocks such as Japan’s Nikkei 225 that sank 5.15 percent or 737.43 points to 13,589.03 were also sold down by Read More …

Index down anew on negative external news

Economy

May 242013

Index down anew on negative external news

MANILA, Philippines – External weaknesses dampened investor sentiment yesterday, pushing the main index back to the 7,200 level. The Philippine Stock Exchange index declined 0.62 percent or 45.47 points to settle at 7,268.91, marking the second straight day the bellwether index ended in the red. “Investors found little reason to take aggressive positions in the market following Thursday’s surprise 70-point slump leaving the floor to the bears,” said Justino Calaycay Jr., analyst at Accord Capital Securities. “The rush of negative news in the last two days, and a tepid movements in US stocks overnight, have kept investors opting for safety,” Calaycay said. Wall Street and Asian stocks were again in the negative territory, still reeling from the weak Chinese manufacturing data and potential cut in US Federal Reserve’s stimulus program. The Dow Jones industrial average shed 0.08 percent or 12.67 points to 15,294.50 while the Standard & Poor’s 500 index dropped 0.29 percent or 4.84 points to 1,650.51. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 All counters in the local bourse were in the red, paced by industrial firms that shed 0.7 percent or 76.80 points to 10,855.16. Investor participation eased, with value of shares traded sank to P7.13 billion from P12.14 billion on Thursday. Decliners again outpaced advancers, 95 to 57, while 56 stocks did not change. Top-traded stocks were also in the red, led by property giant Ayala Land Inc. (-0.57 percent), Universal Robina Corp. (-2.0 percent) and Bank of the Philippine Islands (-2.03 percent).

Index inches up in listless trade

Economy

May 092013

MANILA, Philippines – The local stock market managed to eke out slight gains for the second straight session yesterday as investors exited the market ahead of a long weekend. The Philippine Stock Exchange index (PSEi) inched up 0.18 percent or 13.13 points to settle at 7,194.43, while the broader all shares index added 0.18 percent or 8.19 points to 4,481.81. “Investors appeared listless in yesterday’s trades, with the index staying generally positive despite a brief dip into negative territory before the midsession break,” said Justino Calaycay Jr., analyst at Accord Capital Securities. Financial markets will be closed on Monday for the mid-term elections. The market failed to secure an additional push from Wall Street that benefited from rosy first quarter corporate earnings. The Dow Jones industrial average gained 0.3 percent or 48.92 points to 15,105.12 while the broader Standard & Poor’s 500 index climbed 0.4 percent or 6.73 points to another record high at 1,632.69. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Locally, most counters were in the green, paced by holding firms that rose 0.38 percent or 24.77 points to 6,510.85. But mining and oil again bucked the trend, falling 0.13 percent or 24.76 points to 19,636.28. Investor participation thinned, with P6.68 billion worth of shares changing hands, down from P9.01 billion on Wednesday. Advancers outpaced decliners, 83 to 66, while 71 stocks did not change.