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September 03, 2015, Thursday
  • 2 PCG officers & a skipper to face criminal raps following the July 2 sinking of M/B Kim Nirvana off Ormoc City. about 1 hour ago |
  • DOTC Sec. Jun Abaya checks out the assembly of MRT 3 prototype train at a depot in Pasay City. about 1 hour ago |
  • At least 8 inmates bolt Lanao del Norte provincial jail. about 1 hour ago |
  • DOJ Sec. De Lima says a prosecutor or a panel of prosecutors will handle the complaints filed vs. 8 INC leaders. about 1 hour ago |
  • DOJ says the complaints of illegal detention & harassment filed by Isaias Samson Jr. will go through regular process. about 1 hour ago |
  • Driver whose van was fired upon at Katipunan Avenue in Quezon City dies in hospital. about 1 hour ago |
  • Abra-Kalinga Road to Nagpaoayan, Baay Licuan in Cordillera partially closed to traffic due to repairs. about 1 hour ago |
  • Hundreds of fishermen join the protest at the Quirino Grandstand vs. supposed restrictive provisions in Amended Fisheries Code. 18 hours ago |
  • Magnitude 6.1 earthquake jolts Sarangani. 18 hours ago |
  • DOTC Sec. Joseph Abaya eyes the awarding of the long-term maintenance contract for MRT 3 within the year. 18 hours ago |
  • Gov’t Procurement Policy Board okays the negotiated mode of procurement for P 2.2B maintenance contract for MRT 3. 18 hours ago |
  • Number of injured in Marikina road accident stands at 14. 18 hours ago |
  • PNP says 10-wheeler trucks like the one that figured in Marikina mishap are not allowed to travel in Barangka. 18 hours ago |
  • Reckless imprudence resulting in homicide & multiple injuries to be filed vs. truck driver involved in Marikina road accident. 18 hours ago |
  • Marikina PNP says cctv shows the 10-wheeler truck involved in Marikina accident was speeding at 60 kph along a curved overpass. 18 hours ago |
  • Marikina PNP identifies the driver of 10-wheeler truck involved in accident in Barangka, Marikina as Fernando Padilla. 18 hours ago |
  • Senators Enrile, Revilla & Fmr. Sen. Edgardo Angara among the respondents in a malversation case linked to PDAF. 18 hours ago |
  • Atty. Levito Baligod asks Ombudsman to probe the alleged misuse of P 500M worth of PDAF by NGOs not related to Napoles. 18 hours ago |
  • Malversation charges filed at Ombudsman vs. 20 incumbent & former lawmakers over alleged questionable use of PDAF. 19 hours ago |
  • Lack of documentary requirements cited as reason why CA did not confirm Comelec Chairman Andy Bautista’s appointment. 23 hours ago |
  • Sen. Juan Ponce Enrile blocks the confirmation of Comelec Chairman Andy Bautista at the Commission on Appointments. 23 hours ago |
  • Jose Maria Abaya surrenders in Camp Caringal, QC after the shooting incident in White Plains that resulted in a woman’s death. 23 hours ago |
  • Inquest proceedings ongoing for Jose Maria Abaya who fired his unlicensed gun at a van in White Plains, QC. 23 hours ago |
  • Victims of road accident in Barangka, Marikina taken to Amang Rodriguez Medical Center & QMMC. 23 hours ago |
  • Driver of 10-wheeler truck that figured in accident along Barangka, Marikina still pinned inside his vehicle as of Wednesday noon. 23 hours ago |
  • PNP Highway Patrol Group (HPG) to begin manning traffic flow at EDSA beginning Monday. 23 hours ago |
  • At least 2 killed as a 10-wheeler truck loses break & rams into 4 other vehicles at overpass going to Barangka in Marikina. 23 hours ago |
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Market seen trading weak on Korean woes

By Jenniffer B. Austria | Apr. 08, 2013 at 12:01am
The stock market is likely to sustain a downtrend this week, as investors monitor the escalating tension on the Korean peninsula and other negative developments overseas to justify the technical correction of the benchmark index.

PCCI Securities analyst James Lago said despite the technical correction last week, local stocks remained expensive compared with those of other Southeast Asian markets.

“The market is still very expensive so investors are using the increasing tension in North Korea and the problem in Cyprus as reasons for the market’s correction,” Lago said.

An analyst from a foreign brokerage house also said the lack of catalysts contributed to current lackluster trading while the upcoming election was diverting the government’s attention from implementing economic reforms.

“The market is still pricey versus other regional markets and investors are waiting for the correction before reinvesting in the market,” the analyst said.

The Philippine Stock Exchange index, the 30-company benchmark, ran out of steam last week in reaching the 7,000-point level, as the Cyprus bailout and North Korea’s nuclear threats eclipsed the euphoria brought about by the country’s first investment grade status.

The benchmark index, which reached a new intra-day high of 6,956.92 on April 1, fell 120.33 points, or 1.8 percent, to settle at 6,727.14 on April 5. The broader all-share index shed 38.35 points, or 0.9 percent, to close at 4,195.96 over last week’s five-day trading period.

Value turnover was lower as investors stayed on the sidelines due to the rising geo-political tensions that threatened the global markets.

AB Capital Securities analyst Abbygayle Estrella said the PSEi’s failed attempt to break through 7,000 points signified the strong, psychological resistance of the benchmark.

“Being the first to raise its credit outlook to the country, the effect of Fitch’s investment rating upgrade was short-lived because the market has been factoring it since last year. This, countered by the jitters from North Korea, had reverted the main index back to 6,700 from its sudden rise to 6,900,” Estrella said.

She said while the market continued on a downtrend, investors might do well to preserve their profits as market could still pull some surprise.

Trading will also be shortened this week as April 9, Tuesday, was declared a non-working holiday in observance of Araw ng Kagitingan.

“We still maintain our buy recommendations on our selected industry themes on banking, consumer, and gaming with the highest upside as of the recent closing, which are Security Bank Corp., San Miguel Pure Foods Co. Inc. and Belle Corp.,” Estrella said.
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