News Flash

July 29, 2015, Wednesday
  • Caloocan Rep. Edgar Erice says a wider consultation will be held on who will run as Mar Roxas’ running mate. 3 hours ago |
  • Erice says LP members who are congressmen, governors & local gov’t ofcls. will endorse Roxas as pres’l bet in a separate event next week. 3 hours ago |
  • LP congressman Erice confirms Roxas will be endorsed by the President as LP’s standard bearer at 9 am on Friday. 3 hours ago |
  • QCPD Chief Joel Pagdilao named new PNP NCRPO Chief. 3 hours ago |
  • Sen. Chiz Escudero to decide in September on whether or not he will run for the vice presidency in 2016. 3 hours ago |
  • Prosecution blocks Sen. Jinggoy Estrada’s plea for a medical check up at Cardinal Santos Medical Center in San Juan. 3 hours ago |
  • LP Sec. Gen. Mel Sarmiento says Pres. Aquino will endorse Roxas as LP’s standard bearer on Friday, July 31 at Club Filipino. 3 hours ago |
  • Marquez saddened by CHR's seeming lack of interest in suing protesters who attacked 2 cops during SONA. 6 hours ago |
  • Sen. Grace Poe sees no need to resign from Senate cmte. chairmanships as she considers a possible presidential bid. 6 hours ago |
  • Manila Mayor Estrada plans to seal a joint venture with a private company to operate Manila Zoo. 6 hours ago |
  • Manila Mayor Joseph Estrada defends the joint venture with private firm to renovate Quinta market. 6 hours ago |
  • 14 injured as a bus falls off a ravine in San Narciso, Quezon. 6 hours ago |
  • DOJ team in Jakarta to talk with Mary Jane Veloso to strengthen case against her recruiter. 6 hours ago |
  • 8-man DOJ team arrives in Jakarta to talk with Indonesian authoroties about Mary Jane Veloso's case. 6 hours ago |
  • Coloma says Pres. Aquino already delivered a nationwide address for SAF 44 in February 6 this year. 10 hours ago |
  • DSWD says no politician seeking election must lay claim to PPP program because it is a national gov't project. 10 hours ago |
  • Marquez tells PNP Directorate for Operations to speed up the completion of 'Oplan Lambat-Sibat' manual aimed at fighting crimes. 10 hours ago |
  • Lacson says nothing will happen to Yolanda rehab. program if DBM won't release P 80B from Nat'l Treasury this year. 10 hours ago |
  • Lacson to question before SC in 2 weeks' time the P 424-billion lump sum in 2015 national budget. 10 hours ago |
  • Coloma says Pres. Aquino had already mentioned SAF 44 during PMA graduation in Baguio City last March. 10 hours ago |
  • Coloma insists Pres. Aquino has not forgotten the massacre of SAF 44. 10 hours ago |
  • Sr. Insp. Ryan Pabalinas' wife Erica says Pres. Aquino seems to have abandoned the quest for justice for SAF 44. 10 hours ago |
  • 'SAF 44' Sr. Insp. Ryan Pabalinas' wife Erica says Pres. Aquino could have at least thanked SAF 44 during SONA. 10 hours ago |
  • 'SAF 44' Sr. Insp. Ryan Pabalinas' wife Erica laments that Pres. Aquino forgot about SAF 44 in his SONA. 11 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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