Philippine Stock Exchange – Page 3

Phl bourse sustains rally on strong corporate earnings

Economy

Apr 302013

Phl bourse sustains rally on strong corporate earnings

MANILA, Philippines (Xinhua) – The local index climbed to the upper band of the 7,000-mark today as investors started buying stocks with promising corporate earnings. The bellwether Philippine Stock Exchange index gained 0.61 percent, or 42.64 points, to 7,070.99, while the broader all-share index rose by 0.41 percent, or 17.85 points, to 4,409.73. Trading volume reached 4.1 billion shares worth P10.83 billion ($263.35 million) with 91 stocks advancing, 82 declining, and 39 were unchanged. Of the six counters, only the mining and oil sector bucked the trend. “The composite index advanced for the fourth consecutive session, driven by strong corporate earnings,” DBP-Daiwa Securities, Inc. said in its daily stock market comment. 2TradeAsia.com said sessions will continue to “stay light” until new developments in China unfold. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “For now, local equities may track developments abroad, especially if reaffirmed support for monetary stimulus measures is made,” the online brokerage said. The brokerage said financials and interest rate-sensitive sectors might take the lead, as well as second and third tier stocks that have breached oversold levels. Stocks in the 30-company index closed mixed. Among those picked up were Ayala Land, Inc., heavyweight Philippine Long Distance Telephone Co., and SM Investments Corp.

Aquino administration welcomes reports the Philippine Stock Exchange index broke 7,000 mark

Entertainment

Apr 232013

The Aquino administration welcomed reports that the Philippine Stock Exchange index (PSEi) broke the 7,000 mark on Monday for the first time in history, a Palace official said. Presidential Spokesperson Edwin Lacierda issued the statement after the PSEi closed on Monday at 7,120.48 points. “This marks the 88th record high in 34 months of the […]

Petron to raise $500M via hybrid notes

Economy

Jan 312013

MANILA, Philippines – Petron Corp., the country’s largest oil refiner, is planning to issue up to $500 million in hybrid capital notes, the company said in a disclosure to the Philippine Stock Exchange. Petron priced the offering on Jan. 30 at 7.5 percent. The expected issue date is on Feb. 6, the company also said. “This is to advise that the company has priced the offering last night, Jan.y 30, 2013, with an issue size of $500 million and expected issue date of Feb. 6, 2013,” Petron said. Proceeds of the fund-raising activity would be used to fund the company’s capital expenditures program, Petron president Eric Recto earlier said. In the first nine months of 2012, Petron said its consolidated net income plunged to P932 million from P7.6 billion a year earlier, largely on depressed margins in global markets. The company also said its consolidated net income of P500 million in the third quarter was down 68 percent from P1.56 billion a year earlier, Petron earlier said in a statement. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 However, the P500-million earnings was a turnaround from the P2.1-billion loss posted in the second quarter. Officials said Petron is focused on strategic initiatives that will ensure its long-term growth and profitability. Recto said the company may have more details on its projects lined up for the year after its board of directors meeting in February. Two years ago, Petron launched an ambitious $2-billion project that would entail putting up more Read More …

Index seen testing record highs this wk

Economy

Jan 272013

MANILA, Philippines – The main index is seen to test record highs this week, riding last week’s positive economic news here and abroad. Investors are expected to look for indications on corporate earnings, with some picking cheaper second and third-liners. “Activity might be mostly ‘sequel story-sensitive’ especially those on expansion, partnerships or re-capitalization initiatives,” said Freya Natividad, investment analyst at brokerage firm 2Trade-Asia.com. Immediate support is 6,100-6,120 and resistance at 6,200-6,230, 2Trade-Asia said. Week-on-week, the Philippine Stock Exchange index rose 0.46 percent or 28 points to end the week at 6,167.64, just a tad lower than the all-time high of 6,171.70 recorded on Jan. 21. The main index was driven by the property (up 0.84 percent) and financial firms (up 3.37 percent). Last week, the policymaking Monetary Board kept key interest rates at record lows amid a benign inflation environment. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Natividad said the low interest rates will support double-digit lending growth among listed financial institutions. However, the reversal of net foreign buying to sell position will likely cap robust gains in share prices, with some funds moving towards second and third-liners, Natividad said. Overseas, the main gauge of institutional investors will be the highlights of the most recent US Federal Open Market Committee’s meeting. “A sizeable part would rely on increments at the labor front, given the sensitivity of recovery and growth on consumer spending,” Natividad said. On Friday, Wall Street picked up anew due to earnings reports of Procter & Read More …

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