News Flash

October 10, 2015, Saturday
  • Duterte to wait until Oct. 15 before declaring whether or not he is running for president. 6 hours ago |
  • Immigration agents nab a Chinese fugitive charged with economic crimes. 6 hours ago |
  • Faulty electrical wiring caused the fire that burned a portion of UST’s Quadricentennial Pavilion on Friday morning. 6 hours ago |
  • Makati Rep. Abby Binay to run for Makati Mayor if brother Junjun will be disqualified. 6 hours ago |
  • Pacquiao silent on details of his senatorial bid. 6 hours ago |
  • Pacquiao arrives from Qatar where he gave support to competing Filipino boxers. 6 hours ago |
  • 3 suspects involved in the killing of a couple in Romblon arrested. 6 hours ago |
  • OFW who fell from 3rd floor of building in Saudi Arabia to undergo surgery. 6 hours ago |
  • OFW in Jeddah, Saudi Arabia falls from a building while running away from her employer. 6 hours ago |
  • Duterte says if he shows up at Comelec on Thursday, that means he is running for president. 6 hours ago |
  • Ayala Bridge in Manila to remain closed for the next 3 weekends. 6 hours ago |
  • Ayala Bridge in Manila still closed to motorists due to repairs. 6 hours ago |
  • 2 NGCP steel towers in North Cotabato collapse after being bombed. 6 hours ago |
  • 2,136 out of 3,866 pass the licensure examinations for mechanical engineers last month. 6 hours ago |
  • Fmr. First Gentleman Mike Arroyo asks the Sandiganbayan to allow him to travel & stay in Japan & Hong Kong for 12 days. 23 hours ago |
  • LTFRB suspends the franchises for 30 units of Dagupan Bus. 23 hours ago |
  • Number of fatalities in fire that hit Leyte Prison and Penal Farm rises to 10. 23 hours ago |
  • Ombudsman has also issued a dismissal order against Masbate Gov. Rizalina Lanete. 23 hours ago |
  • Director General Joel Villanueva resigns from TESDA in view of his plan to join the senatorial race. 23 hours ago |
  • Binay’s camp says the Ombudsman’s dismissal order vs. Mayor Binay was done in haste. 23 hours ago |
  • Ombudsman Carpio-Morales says it is up to Comelec to decide whether or not to allow Mayor Binay to run for a 3rd term. 23 hours ago |
  • Ombudsman’s order includes Mayor Binay’s dismissal from service & perpetual disqualification from public office. 23 hours ago |
  • Ombudsman’s dismissal order for Mayor Binay is in connection with his plunder case over the alleged overpriced Makati City parking building. 23 hours ago |
  • Rep. Abby Binay says Mayor Binay is planning to file his COC next week & run for a third term. 23 hours ago |
  • Rep. Abby Binay says Mayor Binay can still appeal the Ombudsman’s dismissal order at the Court of Appeals. 23 hours ago |
  • Ombudsman cites grave misconduct & serious dishonesty as reasons for Makati Mayor Junjun Binay’s dismissal. 23 hours ago |

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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