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.

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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.

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 …