News Flash

September 03, 2015, Thursday
  • Hundreds of fishermen join the protest at the Quirino Grandstand vs. supposed restrictive provisions in Amended Fisheries Code. 11 hours ago |
  • Magnitude 6.1 earthquake jolts Sarangani. 11 hours ago |
  • DOTC Sec. Joseph Abaya eyes the awarding of the long-term maintenance contract for MRT 3 within the year. 11 hours ago |
  • Gov’t Procurement Policy Board okays the negotiated mode of procurement for P 2.2B maintenance contract for MRT 3. 11 hours ago |
  • Number of injured in Marikina road accident stands at 14. 11 hours ago |
  • PNP says 10-wheeler trucks like the one that figured in Marikina mishap are not allowed to travel in Barangka. 11 hours ago |
  • Reckless imprudence resulting in homicide & multiple injuries to be filed vs. truck driver involved in Marikina road accident. 11 hours ago |
  • Marikina PNP says cctv shows the 10-wheeler truck involved in Marikina accident was speeding at 60 kph along a curved overpass. 11 hours ago |
  • Marikina PNP identifies the driver of 10-wheeler truck involved in accident in Barangka, Marikina as Fernando Padilla. 11 hours ago |
  • Senators Enrile, Revilla & Fmr. Sen. Edgardo Angara among the respondents in a malversation case linked to PDAF. 11 hours ago |
  • Atty. Levito Baligod asks Ombudsman to probe the alleged misuse of P 500M worth of PDAF by NGOs not related to Napoles. 11 hours ago |
  • Malversation charges filed at Ombudsman vs. 20 incumbent & former lawmakers over alleged questionable use of PDAF. 12 hours ago |
  • Lack of documentary requirements cited as reason why CA did not confirm Comelec Chairman Andy Bautista’s appointment. 16 hours ago |
  • Sen. Juan Ponce Enrile blocks the confirmation of Comelec Chairman Andy Bautista at the Commission on Appointments. 16 hours ago |
  • Jose Maria Abaya surrenders in Camp Caringal, QC after the shooting incident in White Plains that resulted in a woman’s death. 16 hours ago |
  • Inquest proceedings ongoing for Jose Maria Abaya who fired his unlicensed gun at a van in White Plains, QC. 16 hours ago |
  • Victims of road accident in Barangka, Marikina taken to Amang Rodriguez Medical Center & QMMC. 16 hours ago |
  • Driver of 10-wheeler truck that figured in accident along Barangka, Marikina still pinned inside his vehicle as of Wednesday noon. 17 hours ago |
  • PNP Highway Patrol Group (HPG) to begin manning traffic flow at EDSA beginning Monday. 17 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. 17 hours ago |
  • Some fishermen at Navotas Fish Post preferred to send 'protection' or financial aid to fellow fishermen protesting at Luneta. 19 hours ago |
  • Many fishermen at Navotas Fish Port did not join the 'fish holiday.' 19 hours ago |
  • Maynilad and Manila Water say rotating water supply interruptions may begin next week. 19 hours ago |
  • Maynilad & Manila Water say they will advise customers two days before they implement any 'rotating' water interruption. 19 hours ago |
  • Glitch occurs in new ticketing system that uses 'beep cards' in LRT 2 Santolan Station in Marikina City. 19 hours ago |
  • PNP says it can readily deploy at least 80 Highway Patrol Group members to take charge of traffic flow in EDSA. 19 hours ago |
  • Atty. Levito Baligod to submit to Ombudsman the affidavits of witnesses linking 20 current & past lawmakers to pork barrel scam. 19 hours ago |
  • Murder & illegal possession of firearms filed vs. Jojo Abaya who fired at a van at Katipunan Ave. in QC & killed a female passenger. 19 hours ago |
  • Woman dies as son of a ret. general fires at a van he thought was from a drug rehab center that was fetching him at Katipunan Ave. in QC. 20 hours ago |

Stock market seen sustaining uptrend

By Jenniffer B. Austria | Apr. 29, 2013 at 12:01am
Share prices are expected to sustain the upward trend this week on bright prospects both here and abroad, according to analysts.

Accord Capital Equities Corp. trader Justino Calaycay said the market might test the latest all-time high level after Moody’s Analytics labeled the country as the region’s “rising star” last week.

“The recent branding of the Philippines as a ‘rising star’ convinces onlookers even more that the future for the domestic economy at large and for equities in particular shows an ability to withstand the risks introduced by and challenges confronting the global economy,” Calaycay said.

Calaycay said Moody’s Analytics’ positive outlook on the economy would raise the country’s hope for a second investment grade rating, after the one given by Fitch Ratings last month.

Moody’s Analytics is a sister company of debt watcher Moody’s Investors Service.

The recent move of the Bangko Sentral to reduce rates it pays on special deposit accounts will also make the local equities market more attractive, analysts said.

Calaycay said while the market was ripe for technical correction, the dip would likely come after the earnings season.

Analysts said a big correction could also invite heavy and more aggressive buying from investors.

The Philippine Stock Exchange index breached the 7,000-point level anew last week, closing at 7.025.44 on Friday, as the market welcomed the new round of SDA rate cut.

SDA are fixed-term deposits of banks and their trust departments with the central bank, with maturities of one week, two weeks and one month. This is the third time SDA rates were cut, following reductions of 50 basis points each in January and March.

Value turnover at the local stock market reached P9.6 billion with 30 more stocks posting advances than those that declined.

“Minus the block sales, the value turnover reached P9.3 billion, an improvement of the last couple of days but still a tad lower than the averages that pushed the market to previous record highs,” Calaycay said.

The Bangko Sentral kept overnight policy rates unchanged at 3.5 percent and 5.5 percent for borrowing and lending, respectively.

However, the rate on SDAs was further reduced by 50 basis points to 2 percent across all tenors.

SDA rates were reduced by an aggregate 150 basis points over the past 12 months as the Bangko Sentral sought to push funds toward the real economy to support the growth momentum.
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