News Flash

August 30, 2015, Sunday
  • Thunderstorm advisory up over Nueva Ecija, Bulacan, Batangas and Cavite. 9 hours ago |
  • PAGASA says heavy rains in parts of Metro Manila are due to the merging of thunderstorms from Rizal & cloud formations over Manila Bay. 10 hours ago |
  • DILG Sec. Mar Roxas says while people have the right to peaceful assembly, they must not cause inconvenience to anyone. 10 hours ago |
  • Petron to cut prices of gasoline by P 1.45 per liter, diesel by P .70 per liter and kerosene by P .90 per liter. 10 hours ago |
  • Petron to implement oil price rollback on Aug. 30 Sunday. 10 hours ago |
  • PNP National Capital Region on full alert status due to the rally of Iglesia ni Cristo at EDSA. 10 hours ago |
  • Heavy rains pouring over several parts of Metro Manila. 13 hours ago |
  • Reward money for the arrest of the killer of Philippine eagle ‘Pamana’ rises to P 600K. 13 hours ago |
  • PAGASA monitors a low pressure area (LPA) 175 km. east of Borongan, Samar. 13 hours ago |
  • Traffic slow moving from Ortigas Avenue until Shaw Boulevard in Mandaluyong City. 13 hours ago |
  • DILG Sec. Mar Roxas & Mandaluyong City Mayor Benjamin Abalos hold meeting in Camp Crame to discuss the INC rally at EDSA. 14 hours ago |
  • Mandaluyong city gov’t PIO Jimmy Isidro says a permit was issued for INC’s rally to ‘contain’ the protest at Crossing & ease traffic. 14 hours ago |
  • Mandaluyong city government gives INC permission to hold their rally at EDSA-Shaw until Sunday. 14 hours ago |
  • INC Spokesman Edwil Zabala expects the crowd at EDSA will surge on Sunday afternoon. 14 hours ago |
  • EDSA-Shaw underpass open to motorists on Saturday morning although traffic along the southbound lane is slow. 14 hours ago |
  • INC members plan to stay at EDSA until Monday although they need to secure permit to do this. 14 hours ago |
  • Both northbound and southbound service roads of EDSA-Shaw Boulevard are impassable on Saturday morning due to INC’s rally. 15 hours ago |

Stocks fall; Petron, Security Bank gain

By MST Business | Apr. 03, 2013 at 12:01am
Stocks fell for the second day, as investors took profit on concerns valuations rose to an all-time high and as regional markets traded lower following a slowdown in US factory production.

The Philippine Stock Exchange index, the 30-company benchmark, sank 91 points, or 1.3 percent to close at 6,748.43 on Tuesday, the biggest percentage loss in Asia. The index recorded its sharpest drop since March 19 as Bank of the Philippine Islands, the nation’s largest lender by market value, slumped 4.1 percent to P104.50. SM Investments Corp., the nation’s biggest company by market value, declined 1.4 percent to P1,130.

The benchmark index rose to a record on March 27 after Fitch Ratings gave the Southeast Asian nation its first investment-grade debt rating, driving valuations to 19.7 times projected 12-month earnings, the highest based on data compiled by Bloomberg going back to 2006.

The multiple was at 19.4 times Tuesday. The index fell 0.1 percent on Monday, as stocks resumed trading after holidays on March 28 and 29.

“It’s primarily profit-taking,” Allan Yu, who helps manage about $11 billion at Metropolitan Bank & Trust Co., said by phone. “Investors are selling following the news on the investment-grade status. Valuation is also a bit high, so the market is taking a breather.”

The heavier index, representing all shares, also shed 41 points, or 1 percent, to settle at 4,195.76, as losers outnumbered gainers, 97 to 56, with 41 issues unchanged.  Value turnover amounted to P7.5 billion.

Only two of the 20 heavily traded stocks closed higher Tuesday.  Petron Corp. rose 1 percent to P14.54 while Security Bank Corp. gained 0.8 percent to P186.

Meanwhile, a slowdown in US factory production sent Asian stock markets lower Tuesday.  US manufacturing expanded more slowly in March than February, the Institute for Supply Management said Monday, held back by weaker growth in production and new orders.

Japan’s Nikkei also slipped as the yen rose against the dollar.  Japan’s Nikkei 225 index fell 0.8 percent to 12,040.10 as the yen’s recent weakness reversed course. A stronger currency makes products sold abroad more expensive, a hardship for Japan’s export-dependent economy.

Analysts said, however, that the new government in Japan, with its new plan of attack to right the country’s economy, has lifted business optimism. A survey released by the Bank of Japan on Monday showed an improvement in business sentiment, although it was smaller than expected.

“The economy is improving, albeit slowly, and the mood has been lifted by the assertive and coordinated economic plan of the new government,” Moody’s Analytics said in a market commentary. With Bloomberg, AP
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