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August 02, 2015, Sunday
  • Thunderstorms brought heavy rains across Metro Manila and in nearby provinces. 7 hours ago |
  • Camsur Rep. Leni Robredo says Pres. Aquino has not asked her to run for the vice presidency. 7 hours ago |
  • Valte says Roxas is already getting ready for a transition period at the DILG. 7 hours ago |
  • Valte says Sec. Mar Roxas need not be urged to resign as DILG Secretary. 7 hours ago |
  • Philpost releases for the second time commemorative stamps featuring Cory Aquino’s paintings. 7 hours ago |
  • Davao City experiencing 3 to 4 hours of rotational blackouts. 7 hours ago |
  • Sen. Poe says those who compare her to an unripe fruit must know this is what consumers prefer since it lasts longer. 10 hours ago |
  • Rep. Erice says Roxas intends to resign from DILG following his announcement of his presidential bid. 10 hours ago |
  • Caloocan Rep. Erice says LP still wants Sen. Grace Poe to run as Roxas’ vice presidential candidate. 10 hours ago |
  • Duterte on Roxas’ presidential bid: “I hope he makes it.” 10 hours ago |
  • Duterte says he is happy for Roxas after he got Pres. Aquino’s endorsement. 10 hours ago |
  • Stricter security measures to be enforced at NBP’s Building 14 where ‘Bilibid 19’ inmates are now detained. 10 hours ago |
  • High-profile NBP inmates ‘Bilibid 19’ returned to Muntinlupa after 7 months of detention at NBI. 10 hours ago |
  • Tropical storm ‘Soudelor’ outside PAR moving west at 20 kph. 10 hours ago |
  • Storm ‘Soudelor’ outside PAR has max. sustained winds of 65 kph & gustiness of up to 85 kph. 10 hours ago |
  • PAGASA says tropical storm ‘Soudelor’ won’t make landfall when it enters PAR on Wednesday. 10 hours ago |
  • Tropical storm with international name ‘Soudelor’ expected to enter PAR on Wednesday. 10 hours ago |
  • Binay & Fmr. Manila Mayor Alfredo Lim among those who sent flowers to Cory Aquino’s tomb. 10 hours ago |
  • Sixth death anniversary of Fmr. Pres. Cory Aquino being remembered today. 10 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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