\n
PHILIPPINE STOCKS dropped further on Wednesday as sentiment turned negative after Wall Street posted losses overnight due to weak US economic data.
\nThe bellwether Philippine Stock Exchange index (PSEi) inched down by 0.01% or 0.80 point to close at 6,882.12 on Wednesday, while the broader all shares index slipped by 0.03% or 1.26 points to end at 3,729.52.
\n\u201cThe local market closed in negative territory this Wednesday. The negative spillovers from Wall Street amid renewed concerns over the US economy\u2019s health weighed on the market,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message. \u201cThe local bourse fell as low as 6,759.93 intraday but had its losses trimmed on the back of bargain hunting.\u201d
\n\u201cPhilippine shares managed to recoup earlier losses after falling approximated 120 points to finish virtually the same as [Tuesday] session. Earlier in the morning, investors were rattled after US stocks tumbled on Tuesday as technology shares struggled, and fresh economic data reignited concerns about the economy\u2019s health,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\nUS stocks slumped on Tuesday, at the start of one of the market\u2019s historically worst months, ahead of data likely to influence how much the US Federal Reserve will lower interest rates, Reuters reported.
\nThe benchmark S&P 500 index, Nasdaq Composite Index, and the Dow Jones Industrial Average recorded their biggest daily percentage declines since early August. The Dow fell 626.15 points or 1.51% to 40,936.93; the S&P 500 dropped 119.47 points or 2.12% to 5,528.93; and the Nasdaq Composite slid 577.33 points or 3.26% to 17,136.30.
\nMarket sentiment weakened as Institute for Supply Management data on Tuesday showed US manufacturing remained subdued despite a modest improvement in August from an eight-month low in July.
\nPhilippine shares mostly moved sideways before the release of August Philippine inflation data on Sept. 5 (Thursday), Mr. Limlingan added.
\nA BusinessWorld poll of 15 analysts yielded a median estimate of 3.7% for August inflation, within the 3.2-4% forecast of the Bangko Sentral ng Pilipinas.
\nSectoral indices were mixed. Industrials dropped by 1.02% or 94.74 points to 9,160.12; services retreated by 0.19% or 4.32 points to 2,169.35; and holding firms went down by 0.09% or 5.33 points to 5,739.21.
\nMeanwhile, financials rose by 0.98% or 20.80 points to 2,126.68; mining and oil went up by 0.28% or 22.89 points to 8,038.90; and property climbed by 0.1% or 2.79 points to 2,787.19.
\nValue turnover rose to P5.56 billion on Wednesday with 653.58 million shares changing hands from P5.08 billion with 699.6 million issues traded on Tuesday.
\nDecliners beat advancers, 113 versus 76, while 54 names were unchanged.
\nNet foreign buying rose to P145.73 million on Wednesday from P20.57 million on Tuesday. \u2014 R.M.D. Ochave with Reuters
\n", "content_text": "PHILIPPINE STOCKS dropped further on Wednesday as sentiment turned negative after Wall Street posted losses overnight due to weak US economic data.\nThe bellwether Philippine Stock Exchange index (PSEi) inched down by 0.01% or 0.80 point to close at 6,882.12 on Wednesday, while the broader all shares index slipped by 0.03% or 1.26 points to end at 3,729.52.\n\u201cThe local market closed in negative territory this Wednesday. The negative spillovers from Wall Street amid renewed concerns over the US economy\u2019s health weighed on the market,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message. \u201cThe local bourse fell as low as 6,759.93 intraday but had its losses trimmed on the back of bargain hunting.\u201d\n\u201cPhilippine shares managed to recoup earlier losses after falling approximated 120 points to finish virtually the same as [Tuesday] session. Earlier in the morning, investors were rattled after US stocks tumbled on Tuesday as technology shares struggled, and fresh economic data reignited concerns about the economy\u2019s health,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\nUS stocks slumped on Tuesday, at the start of one of the market\u2019s historically worst months, ahead of data likely to influence how much the US Federal Reserve will lower interest rates, Reuters reported.\nThe benchmark S&P 500 index, Nasdaq Composite Index, and the Dow Jones Industrial Average recorded their biggest daily percentage declines since early August. The Dow fell 626.15 points or 1.51% to 40,936.93; the S&P 500 dropped 119.47 points or 2.12% to 5,528.93; and the Nasdaq Composite slid 577.33 points or 3.26% to 17,136.30.\nMarket sentiment weakened as Institute for Supply Management data on Tuesday showed US manufacturing remained subdued despite a modest improvement in August from an eight-month low in July.\nPhilippine shares mostly moved sideways before the release of August Philippine inflation data on Sept. 5 (Thursday), Mr. Limlingan added.\nA BusinessWorld poll of 15 analysts yielded a median estimate of 3.7% for August inflation, within the 3.2-4% forecast of the Bangko Sentral ng Pilipinas.\nSectoral indices were mixed. Industrials dropped by 1.02% or 94.74 points to 9,160.12; services retreated by 0.19% or 4.32 points to 2,169.35; and holding firms went down by 0.09% or 5.33 points to 5,739.21.\nMeanwhile, financials rose by 0.98% or 20.80 points to 2,126.68; mining and oil went up by 0.28% or 22.89 points to 8,038.90; and property climbed by 0.1% or 2.79 points to 2,787.19.\nValue turnover rose to P5.56 billion on Wednesday with 653.58 million shares changing hands from P5.08 billion with 699.6 million issues traded on Tuesday.\nDecliners beat advancers, 113 versus 76, while 54 names were unchanged.\nNet foreign buying rose to P145.73 million on Wednesday from P20.57 million on Tuesday. \u2014 R.M.D. Ochave with Reuters", "date_published": "2024-09-04T21:00:11+08:00", "date_modified": "2024-09-04T19:11:57+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2021/12/PSEPSE-Trading-Floor-090920-5.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=617897", "url": "https://www.bworldonline.com/stock-market/2024/09/03/617897/philippine-shares-slip-on-profit-taking-weak-peso/", "title": "Philippine shares slip on profit taking, weak peso", "content_html": "PHILIPPINE SHARES dropped anew on Tuesday due to profit taking and a weak peso, with investors also staying on the sidelines before the release of August Philippine inflation data.
\nThe Philippine Stock Exchange index (PSEi) dropped by 0.58% or 40.49 points to end at 6,882.92 on Tuesday, while the broader all shares index fell by 0.55% or 20.63 points to close at 3,730.78.
\n\u201cThe local market declined this Tuesday as investors took profits after a two-day climb. The local currency\u2019s depreciation against the dollar also weighed on the market,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
\n\u201cTrading has been tepid as investors continue to wait for catalysts, primarily the Philippines\u2019 August inflation data to be released this week,\u201d he added.
\nThe peso closed at P56.61 per dollar on Tuesday, slumping by 23 centavos from its P56.38 finish on Monday, according to Bankers Association of the Philippines data.
\nThis was the local unit\u2019s worst finish in more than two weeks or since it ended at P56.64 against the greenback on Aug. 19.
\nMeanwhile, the Philippine Statistics Authority will release August inflation data on Thursday (Sept. 5).
\nA BusinessWorld poll of 15 analysts yielded a median estimate of 3.7% for the August consumer price index, within the central bank\u2019s 3.2-4% forecast for the month.
\n\u201cPhilippine shares slipped into the red as investor await the return of foreign funds after the US was on holiday for the Labor Day weekend. US stock futures held steady Monday night as traders braced for a potentially challenging September after a volatile August,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\n\u201cWith markets closed for Labor Day, focus shifts to Friday\u2019s August jobs report. Historically, September has been the worst month for the S&P 500 over the past decade,\u201d he added.
\nMost sectoral indices closed lower on Tuesday, with holding firms being the lone gainer, rising by 0.11% or 6.54 points to 5,744.54.
\nMeanwhile, services dropped by 1.23% or 27.07 points to 2,173.67; financials declined by 0.77% or 16.54 points to 2,105.88; industrials went down by 0.6% or 55.85 points to 9,254.86; property decreased by 0.36% or 10.2 points to 2,784.40; and mining and oil retreated by 0.29% or 23.57 points to 8,016.01.
\n\u201cCentury Pacific Food, Inc. was the top index gainer, climbing 1.38% to P36.70. Wilcon Depot, Inc. was the main index loser, dropping 3.53% to P17.50,\u201d Mr.\u00a0Tantiangco said.
\nValue turnover rose to P5.08 billion on Tuesday with 699.6 million shares switching hands from the P4.89 billion with 555.41 million issues traded on Monday.
\nDecliners beat advancers, 109 versus 83, while 52 names were unchanged.
\nNet foreign buying dropped to P20.57 million on Tuesday from P419.29 million on Monday. \u2014 R.M.D. Ochave
\n", "content_text": "PHILIPPINE SHARES dropped anew on Tuesday due to profit taking and a weak peso, with investors also staying on the sidelines before the release of August Philippine inflation data.\nThe Philippine Stock Exchange index (PSEi) dropped by 0.58% or 40.49 points to end at 6,882.92 on Tuesday, while the broader all shares index fell by 0.55% or 20.63 points to close at 3,730.78.\n\u201cThe local market declined this Tuesday as investors took profits after a two-day climb. The local currency\u2019s depreciation against the dollar also weighed on the market,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.\n\u201cTrading has been tepid as investors continue to wait for catalysts, primarily the Philippines\u2019 August inflation data to be released this week,\u201d he added.\nThe peso closed at P56.61 per dollar on Tuesday, slumping by 23 centavos from its P56.38 finish on Monday, according to Bankers Association of the Philippines data.\nThis was the local unit\u2019s worst finish in more than two weeks or since it ended at P56.64 against the greenback on Aug. 19.\nMeanwhile, the Philippine Statistics Authority will release August inflation data on Thursday (Sept. 5).\nA BusinessWorld poll of 15 analysts yielded a median estimate of 3.7% for the August consumer price index, within the central bank\u2019s 3.2-4% forecast for the month. \n\u201cPhilippine shares slipped into the red as investor await the return of foreign funds after the US was on holiday for the Labor Day weekend. US stock futures held steady Monday night as traders braced for a potentially challenging September after a volatile August,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\n\u201cWith markets closed for Labor Day, focus shifts to Friday\u2019s August jobs report. Historically, September has been the worst month for the S&P 500 over the past decade,\u201d he added.\nMost sectoral indices closed lower on Tuesday, with holding firms being the lone gainer, rising by 0.11% or 6.54 points to 5,744.54.\nMeanwhile, services dropped by 1.23% or 27.07 points to 2,173.67; financials declined by 0.77% or 16.54 points to 2,105.88; industrials went down by 0.6% or 55.85 points to 9,254.86; property decreased by 0.36% or 10.2 points to 2,784.40; and mining and oil retreated by 0.29% or 23.57 points to 8,016.01.\n\u201cCentury Pacific Food, Inc. was the top index gainer, climbing 1.38% to P36.70. Wilcon Depot, Inc. was the main index loser, dropping 3.53% to P17.50,\u201d Mr.\u00a0Tantiangco said.\nValue turnover rose to P5.08 billion on Tuesday with 699.6 million shares switching hands from the P4.89 billion with 555.41 million issues traded on Monday.\nDecliners beat advancers, 109 versus 83, while 52 names were unchanged.\nNet foreign buying dropped to P20.57 million on Tuesday from P419.29 million on Monday. \u2014 R.M.D. Ochave", "date_published": "2024-09-03T21:00:19+08:00", "date_modified": "2024-09-03T19:10:08+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2021/10/PSE-bell.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=617629", "url": "https://www.bworldonline.com/stock-market/2024/09/02/617629/stocks-inch-up-on-expectations-of-easing-inflation/", "title": "Stocks inch up on expectations of easing inflation", "content_html": "\n
PHILIPPINE STOCKS inched up on Monday, tracking US shares\u2019 performance on Friday, on expectations that Philippine headline inflation slowed anew in August.
\nThe Philippine Stock Exchange index (PSEi) rose by 0.37% or 25.87 points to end at 6,923.41 on Monday, while the broader all shares index went up by 0.23% or 8.60 points to close at 3,751.41.
\n\u201cThe local market rose this Monday as expectations that inflation declined last August compared to July\u2019s 4.4% drove market sentiment,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
\n\u201cInvestors also took cues from Wall Street\u2019s positive performance in last week\u2019s close,\u201d he said.
\nHeadline inflation likely eased in August and returned within the central bank\u2019s 2-4% target band amid a drop in prices of rice and fuel, analysts said.
\nA BusinessWorld poll of 15 analysts yielded a median estimate of 3.7% for the August consumer price index, within the BSP\u2019s 3.2%-4% forecast for the month.
\nIf realized, this would be slower than the nine-month high of 4.4% in July, which also marked the first time since November 2023 that headline inflation exceeded the BSP\u2019s 2-4% goal. This would also be below the 5.3% print recorded in August 2023.
\nMeanwhile, US markets closed higher on Friday. The Dow Jones Industrial Average Index improved by 0.55% or 228.03 points to 41,563.08; the S&P 500 Index surged by 1.01% or 56.44 points to 5,648.40; and the Nasdaq Composite Index climbed by 1.13% or 197.20 points to 17,713.63.
\n\u201cPhilippine shares got off to a lukewarm start for September despite several private and public institutions suspending work due to the heavy downpour,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\n\u201cSentiment got a boost from the US as well, which saw their equity markets close in the green over the weekend,\u201d Mr. Limlingan added.
\nSectoral indices ended mixed on Monday. Holding firms climbed by 1.27% or 71.98 points to 5,738; services rose by 0.89% or 19.51 points to 2,200.74; and financials went up by 0.55% or 11.79 points to 2,122.42.
\nMeanwhile, mining and oil fell by 2.27% or 187.26 points to 8,039.58; property dropped by 0.97% or 27.62 points to 2,794.60; and industrials declined by 0.39% or 36.67 points to 9,310.71.
\n\u201cJG Summit Holdings, Inc. led the market\u2019s climb, jumping 3.62% to P24.35. Wilcon Depot, Inc. was at the tail end, falling 3.51% to P18.14,\u201d Mr.\u00a0Tantiangco said.
\nValue turnover dropped to P4.89 billion on Monday with 555.41 million shares changing hands from the P13.31 billion with 1.74 billion issues traded on Friday.
\nAdvancers outnumbered decliners, 105 to 84, while 56 names closed unchanged.
\nNet foreign buying reached P419.29 million on Monday versus the P306.25 million in net selling recorded on Friday. \u2014 Revin Mikhael D. Ochave
\n", "content_text": "PHILIPPINE STOCKS inched up on Monday, tracking US shares\u2019 performance on Friday, on expectations that Philippine headline inflation slowed anew in August.\nThe Philippine Stock Exchange index (PSEi) rose by 0.37% or 25.87 points to end at 6,923.41 on Monday, while the broader all shares index went up by 0.23% or 8.60 points to close at 3,751.41.\n\u201cThe local market rose this Monday as expectations that inflation declined last August compared to July\u2019s 4.4% drove market sentiment,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.\n\u201cInvestors also took cues from Wall Street\u2019s positive performance in last week\u2019s close,\u201d he said.\nHeadline inflation likely eased in August and returned within the central bank\u2019s 2-4% target band amid a drop in prices of rice and fuel, analysts said.\nA BusinessWorld poll of 15 analysts yielded a median estimate of 3.7% for the August consumer price index, within the BSP\u2019s 3.2%-4% forecast for the month.\nIf realized, this would be slower than the nine-month high of 4.4% in July, which also marked the first time since November 2023 that headline inflation exceeded the BSP\u2019s 2-4% goal. This would also be below the 5.3% print recorded in August 2023.\nMeanwhile, US markets closed higher on Friday. The Dow Jones Industrial Average Index improved by 0.55% or 228.03 points to 41,563.08; the S&P 500 Index surged by 1.01% or 56.44 points to 5,648.40; and the Nasdaq Composite Index climbed by 1.13% or 197.20 points to 17,713.63.\n\u201cPhilippine shares got off to a lukewarm start for September despite several private and public institutions suspending work due to the heavy downpour,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\n\u201cSentiment got a boost from the US as well, which saw their equity markets close in the green over the weekend,\u201d Mr. Limlingan added.\nSectoral indices ended mixed on Monday. Holding firms climbed by 1.27% or 71.98 points to 5,738; services rose by 0.89% or 19.51 points to 2,200.74; and financials went up by 0.55% or 11.79 points to 2,122.42.\nMeanwhile, mining and oil fell by 2.27% or 187.26 points to 8,039.58; property dropped by 0.97% or 27.62 points to 2,794.60; and industrials declined by 0.39% or 36.67 points to 9,310.71.\n\u201cJG Summit Holdings, Inc. led the market\u2019s climb, jumping 3.62% to P24.35. Wilcon Depot, Inc. was at the tail end, falling 3.51% to P18.14,\u201d Mr.\u00a0Tantiangco said.\nValue turnover dropped to P4.89 billion on Monday with 555.41 million shares changing hands from the P13.31 billion with 1.74 billion issues traded on Friday.\nAdvancers outnumbered decliners, 105 to 84, while 56 names closed unchanged.\nNet foreign buying reached P419.29 million on Monday versus the P306.25 million in net selling recorded on Friday. \u2014 Revin Mikhael D. Ochave", "date_published": "2024-09-02T21:00:56+08:00", "date_modified": "2024-09-02T19:00:55+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2023/09/PSE.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=617277", "url": "https://www.bworldonline.com/stock-market/2024/09/01/617277/phl-shares-may-rise-before-august-inflation-data/", "title": "PHL shares may rise before August inflation data", "content_html": "PHILIPPINE SHARES may climb this week as headline inflation likely slowed last month and returned within the Bangko Sentral ng Pilipinas\u2019 (BSP) annual target.
\nOn Friday, the bellwether Philippine Stock Exchange index (PSEi) rose by 0.08% or 5.99 points to end at 6,897.54, while the broader all shares index went up by 0.25% or 9.52 points to close at 3,742.81.
\nWeek on week, the PSEi fell by 0.93% or 64.42 points from its 6,961.96 close on Aug. 22.
\n\u201cLocal equities took a breather after almost a month-long upward move ahead of the August inflation data release [this] week,\u201d online brokerage firm 2TradeAsia.com said in a market note.
\n\u201cLast week\u2019s trading shows that the local market is having a difficult time getting past its 7,000 resistance level,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message. \u201cOn a positive note, the market has been maintaining its position above its 10-day exponential moving average.\u201d
\nFor this week, Philippine stocks may climb before the release of the August inflation report on Sept. 5 (Thursday), he said.
\n\u201cThe market could move with an upward bias on the back of expectations that the Philippines\u2019 August inflation print would be lower than July\u2019s 4.4%. Confirmation of the said expectations may also somehow give the market a boost on the latter part of the week,\u201d he added.
\nA BusinessWorld poll of 15 analysts yielded a median estimate of 3.7% for the August consumer price index, within the BSP\u2019s 3.2%-4% forecast for the month.
\nIf realized, this would be slower than the nine-month high of 4.4% in July, which also marked the first time since November 2023 that headline inflation exceeded the BSP\u2019s 2-4% goal. This would also be below the 5.3% print recorded in August 2023.
\n\u201cInvestors are also expected to take cues from other economic data, including the peso\u2019s movement against the dollar, the S&P Global Philippines\u2019 Manufacturing Purchasing Managers\u2019 Index for August, and the Philippines\u2019 labor force figures for July,\u201d Mr.\u00a0Tantiangco added.
\nHe put the PSEi\u2019s major support at 6,700-6,800.
\nRizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail that the market\u2019s resistance is at the 7,000 level, particularly the high of 7,070.72 posted on April 2.
\n\u201cThe underlying upward trend for more than three weeks already remains intact for as long as it remains above the immediate support at 6,635 to 6,705 levels,\u201d he said.
\n2TradeAsia.com placed the PSEi\u2019s immediate support at 6,800 and resistance at 7,000.
\n\u201cTwo-thirds into the year and at the tail end of the ghost month, the PSEi remained just beneath 7,000. Evolving geopolitical downside risks should provide additional short-term friction on top of supply pressure,\u201d it said. \u201cHowever, in the long run, lower interest rates mean cash returns are coming back to earth, and ultimately, the excess cash should find their way back home to equities.\u201d \u2014 Revin Mikhael D. Ochave
\n", "content_text": "PHILIPPINE SHARES may climb this week as headline inflation likely slowed last month and returned within the Bangko Sentral ng Pilipinas\u2019 (BSP) annual target. \nOn Friday, the bellwether Philippine Stock Exchange index (PSEi) rose by 0.08% or 5.99 points to end at 6,897.54, while the broader all shares index went up by 0.25% or 9.52 points to close at 3,742.81.\nWeek on week, the PSEi fell by 0.93% or 64.42 points from its 6,961.96 close on Aug. 22.\n\u201cLocal equities took a breather after almost a month-long upward move ahead of the August inflation data release [this] week,\u201d online brokerage firm 2TradeAsia.com said in a market note.\n\u201cLast week\u2019s trading shows that the local market is having a difficult time getting past its 7,000 resistance level,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message. \u201cOn a positive note, the market has been maintaining its position above its 10-day exponential moving average.\u201d\nFor this week, Philippine stocks may climb before the release of the August inflation report on Sept. 5 (Thursday), he said.\n\u201cThe market could move with an upward bias on the back of expectations that the Philippines\u2019 August inflation print would be lower than July\u2019s 4.4%. Confirmation of the said expectations may also somehow give the market a boost on the latter part of the week,\u201d he added.\nA BusinessWorld poll of 15 analysts yielded a median estimate of 3.7% for the August consumer price index, within the BSP\u2019s 3.2%-4% forecast for the month.\nIf realized, this would be slower than the nine-month high of 4.4% in July, which also marked the first time since November 2023 that headline inflation exceeded the BSP\u2019s 2-4% goal. This would also be below the 5.3% print recorded in August 2023.\n\u201cInvestors are also expected to take cues from other economic data, including the peso\u2019s movement against the dollar, the S&P Global Philippines\u2019 Manufacturing Purchasing Managers\u2019 Index for August, and the Philippines\u2019 labor force figures for July,\u201d Mr.\u00a0Tantiangco added.\nHe put the PSEi\u2019s major support at 6,700-6,800.\nRizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail that the market\u2019s resistance is at the 7,000 level, particularly the high of 7,070.72 posted on April 2.\n\u201cThe underlying upward trend for more than three weeks already remains intact for as long as it remains above the immediate support at 6,635 to 6,705 levels,\u201d he said.\n2TradeAsia.com placed the PSEi\u2019s immediate support at 6,800 and resistance at 7,000.\n\u201cTwo-thirds into the year and at the tail end of the ghost month, the PSEi remained just beneath 7,000. Evolving geopolitical downside risks should provide additional short-term friction on top of supply pressure,\u201d it said. \u201cHowever, in the long run, lower interest rates mean cash returns are coming back to earth, and ultimately, the excess cash should find their way back home to equities.\u201d \u2014 Revin Mikhael D. Ochave", "date_published": "2024-09-01T21:00:34+08:00", "date_modified": "2024-09-02T00:42:48+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2022/07/PSE-trading-floor-traders.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=616963", "url": "https://www.bworldonline.com/stock-market/2024/08/29/616963/psei-drops-to-6800-level-as-investors-pocket-gains/", "title": "PSEi drops to 6,800 level as investors pocket gains", "content_html": "\n
PHILIPPINE SHARES dropped to the 6,800 level on Thursday, tracking Wall Street\u2019s decline overnight, as investors continued to book profits before the month\u2019s close.
\nThe Philippine Stock Exchange index (PSEi) fell by 0.95% or 66.46 points to end at 6,891.55 on Thursday, while the broader all shares index dropped by 0.69% or 26.26 points to finish at 3,733.29.
\nThis was the PSEi\u2019s worst close in almost two weeks or since it finished at 6,889.87 on Aug. 19.
\n\u201cThe local bourse extended its decline amid continuous profit-taking after the market failed to break the 7,000 resistance,\u201d Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.
\n\u201cNegative cues from Wall Street further weighed on the market, affecting Asian peers as well,\u201d she added.
\nAsian shares followed Wall Street futures lower on Thursday as Nvidia\u2019s results disappointed some bullish investors, Reuters reported.
\nMSCI\u2019s broadest index of Asia-Pacific shares outside Japan fell 0.3% as tech stocks dragged. The Nikkei eased 0.2% while South Korea dropped 1%.
\nNvidia\u2019s third-quarter revenue forecast of $32.5 billion surpassed Wall Street estimates, but the results still failed to impress the most bullish investors, who have driven a dizzying rally in its shares.
\nWall Street\u2019s main indexes finished lower on Wednesday. The Dow Jones Industrial Average fell 0.39% to 41,091.42; the S&P 500 lost 0.6% to 5,592.18; and the Nasdaq Composite lost 1.12% to 17,556.03.
\n\u201cPhilippine shares slipped just below the 6,900 level as investors sold ahead of the August closing and the MSCI rebalancing [on Friday],\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\n\u201cSentiment also was pulled down from across the region, with US stocks dipping Wednesday, led by a decline in Nvidia Corp. as investors awaited its earnings report and the upcoming July personal consumption expenditures price index,\u201d he added.
\nMajority of sectoral indices closed lower on Thursday. Holding firms retreated by 1.98% or 115.59 points to 5,717.44; financials dropped by 1.37% or 29.43 points to 2,104.28; services went down by 0.51% or 11.35 points to 2,201.47; and industrials declined by 0.1% or 10 points to 9,291.35.
\nMeanwhile, mining and oil climbed by 0.33% or 27.74 points to 8,263.42 and property increased by 0.13% or 3.72 points to 2,769.98.
\n\u201cAmong the index members, Ayala Land, Inc. led the gainers, up by 2.5%, while Converge ICT Solutions, Inc. was at the bottom, losing 4.29%,\u201d Ms. Alviar said.
\nValue turnover increased to P6.64 billion on Thursday with 959.59 million issues changing hands from the P5.34 billion with 1.27 billion shares traded on Wednesday.
\nDecliners outnumbered advancers, 117 versus 79, while 51 names were unchanged.
\nNet foreign buying climbed to P888.76 million on Thursday from P687.06 million on Wednesday. \u2014 R.M.D. Ochave with Reuters
\n", "content_text": "PHILIPPINE SHARES dropped to the 6,800 level on Thursday, tracking Wall Street\u2019s decline overnight, as investors continued to book profits before the month\u2019s close.\nThe Philippine Stock Exchange index (PSEi) fell by 0.95% or 66.46 points to end at 6,891.55 on Thursday, while the broader all shares index dropped by 0.69% or 26.26 points to finish at 3,733.29.\nThis was the PSEi\u2019s worst close in almost two weeks or since it finished at 6,889.87 on Aug. 19.\n\u201cThe local bourse extended its decline amid continuous profit-taking after the market failed to break the 7,000 resistance,\u201d Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.\n\u201cNegative cues from Wall Street further weighed on the market, affecting Asian peers as well,\u201d she added.\nAsian shares followed Wall Street futures lower on Thursday as Nvidia\u2019s results disappointed some bullish investors, Reuters reported.\nMSCI\u2019s broadest index of Asia-Pacific shares outside Japan fell 0.3% as tech stocks dragged. The Nikkei eased 0.2% while South Korea dropped 1%.\nNvidia\u2019s third-quarter revenue forecast of $32.5 billion surpassed Wall Street estimates, but the results still failed to impress the most bullish investors, who have driven a dizzying rally in its shares.\nWall Street\u2019s main indexes finished lower on Wednesday. The Dow Jones Industrial Average fell 0.39% to 41,091.42; the S&P 500 lost 0.6% to 5,592.18; and the Nasdaq Composite lost 1.12% to 17,556.03.\n\u201cPhilippine shares slipped just below the 6,900 level as investors sold ahead of the August closing and the MSCI rebalancing [on Friday],\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\n\u201cSentiment also was pulled down from across the region, with US stocks dipping Wednesday, led by a decline in Nvidia Corp. as investors awaited its earnings report and the upcoming July personal consumption expenditures price index,\u201d he added.\nMajority of sectoral indices closed lower on Thursday. Holding firms retreated by 1.98% or 115.59 points to 5,717.44; financials dropped by 1.37% or 29.43 points to 2,104.28; services went down by 0.51% or 11.35 points to 2,201.47; and industrials declined by 0.1% or 10 points to 9,291.35.\nMeanwhile, mining and oil climbed by 0.33% or 27.74 points to 8,263.42 and property increased by 0.13% or 3.72 points to 2,769.98.\n\u201cAmong the index members, Ayala Land, Inc. led the gainers, up by 2.5%, while Converge ICT Solutions, Inc. was at the bottom, losing 4.29%,\u201d Ms. Alviar said.\nValue turnover increased to P6.64 billion on Thursday with 959.59 million issues changing hands from the P5.34 billion with 1.27 billion shares traded on Wednesday.\nDecliners outnumbered advancers, 117 versus 79, while 51 names were unchanged.\nNet foreign buying climbed to P888.76 million on Thursday from P687.06 million on Wednesday. \u2014 R.M.D. Ochave with Reuters", "date_published": "2024-08-29T21:00:09+08:00", "date_modified": "2024-08-29T18:52:55+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2021/08/PSE-bell-1.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=616659", "url": "https://www.bworldonline.com/stock-market/2024/08/28/616659/stocks-inch-lower-on-last-minute-profit-taking/", "title": "Stocks inch lower on last-minute profit taking", "content_html": "\n
PHILIPPINE STOCKS slipped on Wednesday due to last-minute profit taking after the main index breached the 7,000 level intraday and following two consecutive days of gains.
\nThe bellwether Philippine Stock Exchange index (PSEi) dropped by 0.22% or 15.40 points to end at 6,958.01 on Wednesday, while the broader all shares index fell by 0.04% or 1.73 points to close at 3,759.55.
\nThe PSEi opened the session at 6,985.56, higher than Tuesday\u2019s close of 6,973.41. It climbed to an intraday high of 7,016.04 but was unable to hold on to its gains, closing at its lowest level for the day.
\n\u201cLate-day profit taking brought the local market down. Investors booked gains after the market climbed for two straight days. Chart-wise, the market retested but still failed to take its 7,000 resistance level,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
\nTrading was \u201clethargic,\u201d he added.
\nValue turnover declined to P5.34 billion on Wednesday with 1.27 billion shares changing hands from the P6.8 billion with 831.25 million issues traded on Tuesday.
\n\u201cInvestors are watching out for more economic data that will reinforce a potential rate cut in September. The prospect of easing monetary policy has many investors taking positions, reflecting broader market cautious optimism both locally and globally,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\nInvestors are unanimous in bets that the US Federal Reserve will begin cutting interest rates next month following Fed Chair Jerome H. Powell\u2019s dovish tilt last week, with the debate now centered on whether or not it will be a super-sized 50-basis-point (bp) cut, Reuters reported.
\nThe current pricing sits at a 36% chance for the larger cut, up from 29% a week ago, according to the CME Group\u2019s FedWatch Tool. Markets, which are fully priced for a 25-bp cut next month, see just over 100 bps worth of easing by the end of the year.
\nA preliminary estimate for US gross domestic product in the second quarter is due later this week, along with the core personal consumption expenditures index, the Fed\u2019s preferred inflation measure.
\nSectoral indices were mixed on Wednesday. Services went down by 0.73% or 16.29 points to 2,212.82; holding firms dropped by 0.53% or 31.36 points to 5,833.03; and property declined by 0.42% or 11.87 points to 2,766.26.
\nOn the other hand, mining and oil rose by 0.85% or 69.48 points to 8,235.68; industrials went up by 0.69% or 63.73 points to 9,301.35; and financials climbed by 0.57% or 12.29 points to 2,133.71.
\n\u201cNickel Asia Corp. was the top index gainer, jumping 4.92% to P3.41. PLDT Inc. was the main index laggard, falling 3.14% to P1,511,\u201d Mr. Tantiangco said.
\nAdvancers outnumbered decliners, 99 versus 90, while 54 names were unchanged.
\nNet foreign buying declined to P687.06 million on Wednesday from P897.83 million on Tuesday. \u2014 R.M.D. Ochave with Reuters
\n", "content_text": "PHILIPPINE STOCKS slipped on Wednesday due to last-minute profit taking after the main index breached the 7,000 level intraday and following two consecutive days of gains.\nThe bellwether Philippine Stock Exchange index (PSEi) dropped by 0.22% or 15.40 points to end at 6,958.01 on Wednesday, while the broader all shares index fell by 0.04% or 1.73 points to close at 3,759.55.\nThe PSEi opened the session at 6,985.56, higher than Tuesday\u2019s close of 6,973.41. It climbed to an intraday high of 7,016.04 but was unable to hold on to its gains, closing at its lowest level for the day.\n\u201cLate-day profit taking brought the local market down. Investors booked gains after the market climbed for two straight days. Chart-wise, the market retested but still failed to take its 7,000 resistance level,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.\nTrading was \u201clethargic,\u201d he added.\nValue turnover declined to P5.34 billion on Wednesday with 1.27 billion shares changing hands from the P6.8 billion with 831.25 million issues traded on Tuesday.\n\u201cInvestors are watching out for more economic data that will reinforce a potential rate cut in September. The prospect of easing monetary policy has many investors taking positions, reflecting broader market cautious optimism both locally and globally,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\nInvestors are unanimous in bets that the US Federal Reserve will begin cutting interest rates next month following Fed Chair Jerome H. Powell\u2019s dovish tilt last week, with the debate now centered on whether or not it will be a super-sized 50-basis-point (bp) cut, Reuters reported.\nThe current pricing sits at a 36% chance for the larger cut, up from 29% a week ago, according to the CME Group\u2019s FedWatch Tool. Markets, which are fully priced for a 25-bp cut next month, see just over 100 bps worth of easing by the end of the year.\nA preliminary estimate for US gross domestic product in the second quarter is due later this week, along with the core personal consumption expenditures index, the Fed\u2019s preferred inflation measure.\nSectoral indices were mixed on Wednesday. Services went down by 0.73% or 16.29 points to 2,212.82; holding firms dropped by 0.53% or 31.36 points to 5,833.03; and property declined by 0.42% or 11.87 points to 2,766.26.\nOn the other hand, mining and oil rose by 0.85% or 69.48 points to 8,235.68; industrials went up by 0.69% or 63.73 points to 9,301.35; and financials climbed by 0.57% or 12.29 points to 2,133.71.\n\u201cNickel Asia Corp. was the top index gainer, jumping 4.92% to P3.41. PLDT Inc. was the main index laggard, falling 3.14% to P1,511,\u201d Mr. Tantiangco said.\nAdvancers outnumbered decliners, 99 versus 90, while 54 names were unchanged.\nNet foreign buying declined to P687.06 million on Wednesday from P897.83 million on Tuesday. \u2014 R.M.D. Ochave with Reuters", "date_published": "2024-08-28T21:00:43+08:00", "date_modified": "2024-08-28T19:19:51+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2021/09/PSE-board.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=616386", "url": "https://www.bworldonline.com/stock-market/2024/08/27/616386/philippine-shares-inch-up-on-feds-dovish-shift/", "title": "Philippine shares inch up on Fed\u2019s dovish shift", "content_html": "\n
PHILIPPINE SHARES inched up to a near five-month high on Tuesday after US Federal Reserve Chair Jerome H. Powell said they could begin their easing cycle next month.
\nThe Philippine Stock Exchange index (PSEi) rose by 0.16% or 11.45 points to finish at 6,973.41 on Tuesday, while the broader all shares index improved by 0.3% or 11.55 points to end at 3,761.28.
\nThis was the PSEi\u2019s best close in nearly five months or since it ended at 6,979.81 on April 1.
\n\u201cThe PSEi followed global indices higher after Federal Reserve Chairman Powell said that the time has come for the Fed to adjust rates. However, profit taking kept the benchmark index below the key 7,000 level,\u201d AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said in a Viber message.
\n\u201cInvestors cheered the Fed\u2019s dovish signals as monetary policy easing by the Fed would give more room for the Bangko Sentral ng Pilipinas (BSP) to ease their policy, too,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
\nMr. Powell on Friday endorsed an imminent start to interest rate cuts, saying further cooling in the job market would be unwelcome and expressing confidence that inflation is within reach of the US central bank\u2019s 2% target, Reuters reported.
\nWith its policy rate currently in the 5.25%-5.5% range, the Fed has \u201cample room\u201d to reduce borrowing costs to cushion the economy, Mr. Powell said.
\nMeanwhile, the BSP on Aug.\u00a015 reduced its target reverse repurchase rate by 25 basis points (bps) to 6.25%. Prior to the cut, the Monetary Board kept the policy rate at an over 17-year high of 6.5% for six straight meetings following cumulative hikes worth 450 bps between May 2022 and October 2023 to combat elevated inflation.
\nBSP Governor Eli M. Remolona, Jr. said they could cut rates by another 25 bps within the year. The Monetary Board\u2019s remaining policy-setting meetings this year are on Oct. 17 and Dec. 19.
\n\u201cPhilippine shares slowly inched towards the 7,000 level as investors start to rebalance ahead of both the MSCI and the end of month closing,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan added in a Viber message.
\nMajority of sectoral indices closed lower. Services declined by 0.4% or 8.95 points to 2,229.11; holding firms dropped by 0.33% or 19.45 points to 5,864.39; financials went down by 0.04% or 0.97 points to 2,121.42; and industrials slipped by 0.32 point to 9,237.62.
\nOn the other hand, property surged by 2.71% or 73.54 points to 2,778.13; and mining and oil rose by 0.12% or 10.23 points to 8,166.20.
\nValue turnover slipped to P6.8 billion on Tuesday with 831.25 million shares changing hands from the P6.99 billion with 653.22 million issues traded on Thursday.
\nAdvancers beat decliners, 110 versus 94, while 51 names were unchanged.
\nNet foreign buying went down to P897.83 million on Tuesday from P2.34 billion on Thursday. \u2014 R.M.D. Ochave with Reuters
\n", "content_text": "PHILIPPINE SHARES inched up to a near five-month high on Tuesday after US Federal Reserve Chair Jerome H. Powell said they could begin their easing cycle next month. \nThe Philippine Stock Exchange index (PSEi) rose by 0.16% or 11.45 points to finish at 6,973.41 on Tuesday, while the broader all shares index improved by 0.3% or 11.55 points to end at 3,761.28.\nThis was the PSEi\u2019s best close in nearly five months or since it ended at 6,979.81 on April 1.\n\u201cThe PSEi followed global indices higher after Federal Reserve Chairman Powell said that the time has come for the Fed to adjust rates. However, profit taking kept the benchmark index below the key 7,000 level,\u201d AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said in a Viber message.\n\u201cInvestors cheered the Fed\u2019s dovish signals as monetary policy easing by the Fed would give more room for the Bangko Sentral ng Pilipinas (BSP) to ease their policy, too,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.\nMr. Powell on Friday endorsed an imminent start to interest rate cuts, saying further cooling in the job market would be unwelcome and expressing confidence that inflation is within reach of the US central bank\u2019s 2% target, Reuters reported.\nWith its policy rate currently in the 5.25%-5.5% range, the Fed has \u201cample room\u201d to reduce borrowing costs to cushion the economy, Mr. Powell said.\nMeanwhile, the BSP on Aug.\u00a015 reduced its target reverse repurchase rate by 25 basis points (bps) to 6.25%. Prior to the cut, the Monetary Board kept the policy rate at an over 17-year high of 6.5% for six straight meetings following cumulative hikes worth 450 bps between May 2022 and October 2023 to combat elevated inflation.\nBSP Governor Eli M. Remolona, Jr. said they could cut rates by another 25 bps within the year. The Monetary Board\u2019s remaining policy-setting meetings this year are on Oct. 17 and Dec. 19.\n\u201cPhilippine shares slowly inched towards the 7,000 level as investors start to rebalance ahead of both the MSCI and the end of month closing,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan added in a Viber message.\nMajority of sectoral indices closed lower. Services declined by 0.4% or 8.95 points to 2,229.11; holding firms dropped by 0.33% or 19.45 points to 5,864.39; financials went down by 0.04% or 0.97 points to 2,121.42; and industrials slipped by 0.32 point to 9,237.62.\nOn the other hand, property surged by 2.71% or 73.54 points to 2,778.13; and mining and oil rose by 0.12% or 10.23 points to 8,166.20.\nValue turnover slipped to P6.8 billion on Tuesday with 831.25 million shares changing hands from the P6.99 billion with 653.22 million issues traded on Thursday.\nAdvancers beat decliners, 110 versus 94, while 51 names were unchanged.\nNet foreign buying went down to P897.83 million on Tuesday from P2.34 billion on Thursday. \u2014 R.M.D. Ochave with Reuters", "date_published": "2024-08-27T21:00:41+08:00", "date_modified": "2024-08-27T19:00:39+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2023/03/PSE-stocks-bell.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=616129", "url": "https://www.bworldonline.com/stock-market/2024/08/26/616129/pse-index-to-retest-7000-as-fed-rate-cuts-loom/", "title": "PSE index to retest 7,000 as Fed rate cuts loom", "content_html": "PHILIPPINE SHARES could continue to rise when trading resumes after a four-day break after the US Federal Reserve signaled that they could begin cutting rates as early as next month.
\nThe Philippine Stock Exchange index (PSEi) closed at 6,961.96 on Thursday, rising by 1.67% or 114.59 points from its 6,847.37 finish on Aug. 16 and marking its third consecutive weekly gain.
\nPhilippine financial markets were closed on Aug. 23 (Friday) in observance of Ninoy Aquino Day and on Aug. 26 (Monday) for National Heroes Day.
\n\u201c[This] week, the local market could still move with an upward bias. The monetary policy easing cues from the Federal Reserve in the Jackson Hole Economic Symposium are expected to drive positive sentiment,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
\n\u201cThis is as Fed rate cuts are seen to give more room to the BSP (Bangko Sentral ng Pilipinas) to cut their policy rates too, thereby increasing the likelihood that they will continue with their monetary policy easing,\u201d he said.
\nBSP Governor Eli M. Remolona, Jr. has said they could cut rates again within the year after the Philippine central bank this month slashed borrowing costs by 25 basis points, marking its first easing move in almost four years.
\nUS Federal Reserve Chair Jerome H. Powell on Friday endorsed an imminent start to interest rate cuts, saying further cooling in the job market would be unwelcome and expressing confidence that inflation is within reach of the US central bank\u2019s 2% target, Reuters reported.
\n\u201cThe time has come for policy to adjust,\u201d Mr. Powell said in a highly anticipated speech to the Kansas City Fed\u2019s annual economic conference in Jackson Hole, Wyoming. \u201cThe direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.\u201d
\nWith its policy rate currently in the 5.25%-5.5% range, the Fed has \u201cample room\u201d to reduce borrowing costs to cushion the economy, Mr. Powell said.
\n\u201cThe strengthening of the local currency, if it continues, is also expected to give the market a boost,\u201d Mr. Tantiangco added.
\nThe PSEi may continue to test the 7,000 resistance level this week, he said. \u201cIf the market gets past and sustains ground above the said level, next resistance is seen at 7,100. Currently, major support is seen at the 6,700 to 6,800 range.\u201d
\nFor its part, online brokerage firm 2TradeAsia.com said in a market note that the market\u2019s immediate support is at 6,800 and resistance is at 7,000-7,500.
\n\u201cAfter dropping as low as 184 points (2.79%) for the month, the PSEi is up 7.94% year to date. This quarter\u2019s MSCI rebalancing might cause friction in the near term, but the overall dovish shift in global rates should help sustain the PSEi\u2019s ambition to breach 7,000,\u201d it said.
\n\u201cEverything is a cycle goes a quote, and markets are likely at the edge of a new one that resembles pre-pandemic conditions,\u201d it added. \u2014 Revin Mikhael D. Ochave with Reuters
\n", "content_text": "PHILIPPINE SHARES could continue to rise when trading resumes after a four-day break after the US Federal Reserve signaled that they could begin cutting rates as early as next month.\nThe Philippine Stock Exchange index (PSEi) closed at 6,961.96 on Thursday, rising by 1.67% or 114.59 points from its 6,847.37 finish on Aug. 16 and marking its third consecutive weekly gain.\nPhilippine financial markets were closed on Aug. 23 (Friday) in observance of Ninoy Aquino Day and on Aug. 26 (Monday) for National Heroes Day.\n\u201c[This] week, the local market could still move with an upward bias. The monetary policy easing cues from the Federal Reserve in the Jackson Hole Economic Symposium are expected to drive positive sentiment,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.\n\u201cThis is as Fed rate cuts are seen to give more room to the BSP (Bangko Sentral ng Pilipinas) to cut their policy rates too, thereby increasing the likelihood that they will continue with their monetary policy easing,\u201d he said.\nBSP Governor Eli M. Remolona, Jr. has said they could cut rates again within the year after the Philippine central bank this month slashed borrowing costs by 25 basis points, marking its first easing move in almost four years.\nUS Federal Reserve Chair Jerome H. Powell on Friday endorsed an imminent start to interest rate cuts, saying further cooling in the job market would be unwelcome and expressing confidence that inflation is within reach of the US central bank\u2019s 2% target, Reuters reported.\n\u201cThe time has come for policy to adjust,\u201d Mr. Powell said in a highly anticipated speech to the Kansas City Fed\u2019s annual economic conference in Jackson Hole, Wyoming. \u201cThe direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.\u201d\nWith its policy rate currently in the 5.25%-5.5% range, the Fed has \u201cample room\u201d to reduce borrowing costs to cushion the economy, Mr. Powell said.\n\u201cThe strengthening of the local currency, if it continues, is also expected to give the market a boost,\u201d Mr. Tantiangco added.\nThe PSEi may continue to test the 7,000 resistance level this week, he said. \u201cIf the market gets past and sustains ground above the said level, next resistance is seen at 7,100. Currently, major support is seen at the 6,700 to 6,800 range.\u201d\nFor its part, online brokerage firm 2TradeAsia.com said in a market note that the market\u2019s immediate support is at 6,800 and resistance is at 7,000-7,500.\n\u201cAfter dropping as low as 184 points (2.79%) for the month, the PSEi is up 7.94% year to date. This quarter\u2019s MSCI rebalancing might cause friction in the near term, but the overall dovish shift in global rates should help sustain the PSEi\u2019s ambition to breach 7,000,\u201d it said.\n\u201cEverything is a cycle goes a quote, and markets are likely at the edge of a new one that resembles pre-pandemic conditions,\u201d it added. \u2014 Revin Mikhael D. Ochave with Reuters", "date_published": "2024-08-26T21:00:30+08:00", "date_modified": "2024-08-26T18:46:53+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2021/08/PSE-720p-2.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=615928", "url": "https://www.bworldonline.com/stock-market/2024/08/25/615928/philippine-shares-rally-as-bsp-fed-turn-dovish/", "title": "Philippine shares rally as BSP, Fed turn dovish", "content_html": "\n
PHILIPPINE SHARES rallied last week, with the benchmark index returning to the 6,900 level for the first time in more than four months, with expectations of monetary easing at home and in the United States boosting sentiment.
\nThe Philippine Stock Exchange index (PSEi) closed at 6,961.96 on Thursday, rising by 1.67% or 114.59 points from its 6,847.37 finish on Aug. 16 and marking its third consecutive weekly gain. Thursday\u2019s close was also the PSEi\u2019s best finish in more than four months or since it ended at 6,979.81 on April 1.
\nPhilippine financial markets were closed on Aug. 23 (Friday) for a special nonworking holiday in observance of Ninoy Aquino Day, which was moved from the original Aug. 21 date. Markets will remain closed on Aug. 26 (Monday) for the National Heroes Day.
\n\u201cThe local market managed to extend its rally last week. It is noticed, however, that the bourse is having a difficult time getting past its 7,000 resistance level,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
\nThe PSEi ended at the 6,800 level on Aug. 19 to begin the shortened trading week amid market optimism after the Bangko Sentral ng Pilipinas (BSP) on Aug. 15 fired off its first rate cut in nearly four years and signaled at least one more reduction before yearend.
\nThe market continued to climb in the following days to breach the 6,900 mark and even hit an intraday high of 7,005.27 intraday on Aug. 20 ahead of the US central bank\u2019s annual economic symposium in Jackson Hole, Wyoming, where US Federal Reserve Chair Jerome H. Powell was set to speak on Friday and was expected to lay out their own rate cut path. Shares only closed in the red on Aug. 21 due to profit taking.
\n\u201cMomentum carried the local bourse, stimulated by an earlier rate cut from the BSP. Momentum is on the side of the PSEi, getting impetus from the BSP\u2019s \u2018ahead of the Fed\u2019 rate cut this month,\u201d online brokerage firm 2TradeAsia.com said in a market note.
\nThe PSEi was also boosted by US markets\u2019 performance last week amid prospects of a September Fed rate cut, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail.
\nWall Street and global shares jumped on Friday toward all-time highs, while Treasury yields slumped and the dollar languished, after a speech by Mr.\u00a0Powell confirmed the United States would soon begin interest rate cuts, Reuters reported.
\nMr. Powell, in remarks on Friday at the annual economic symposium in Jackson Hole, Wyoming, said \u201cthe time has come\u201d to cut interest rates as rising risks to the job market left no room for further weakness and inflation was in reach of the Fed\u2019s 2% target, offering an explicit endorsement of an imminent policy easing.
\nTraders increased bets for a bigger rate cut in September following Mr. Powell\u2019s speech, with the fed funds futures now pricing in a 37% chance of a 50-basis-point (bp) cut next month, up from about 25% late on Thursday. Traders are also pricing in about 106 bps of cuts by the end of the year. \u2014 Revin Mikhael D. Ochave with Reuters
\n", "content_text": "PHILIPPINE SHARES rallied last week, with the benchmark index returning to the 6,900 level for the first time in more than four months, with expectations of monetary easing at home and in the United States boosting sentiment.\nThe Philippine Stock Exchange index (PSEi) closed at 6,961.96 on Thursday, rising by 1.67% or 114.59 points from its 6,847.37 finish on Aug. 16 and marking its third consecutive weekly gain. Thursday\u2019s close was also the PSEi\u2019s best finish in more than four months or since it ended at 6,979.81 on April 1.\nPhilippine financial markets were closed on Aug. 23 (Friday) for a special nonworking holiday in observance of Ninoy Aquino Day, which was moved from the original Aug. 21 date. Markets will remain closed on Aug. 26 (Monday) for the National Heroes Day.\n\u201cThe local market managed to extend its rally last week. It is noticed, however, that the bourse is having a difficult time getting past its 7,000 resistance level,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.\nThe PSEi ended at the 6,800 level on Aug. 19 to begin the shortened trading week amid market optimism after the Bangko Sentral ng Pilipinas (BSP) on Aug. 15 fired off its first rate cut in nearly four years and signaled at least one more reduction before yearend.\nThe market continued to climb in the following days to breach the 6,900 mark and even hit an intraday high of 7,005.27 intraday on Aug. 20 ahead of the US central bank\u2019s annual economic symposium in Jackson Hole, Wyoming, where US Federal Reserve Chair Jerome H. Powell was set to speak on Friday and was expected to lay out their own rate cut path. Shares only closed in the red on Aug. 21 due to profit taking.\n\u201cMomentum carried the local bourse, stimulated by an earlier rate cut from the BSP. Momentum is on the side of the PSEi, getting impetus from the BSP\u2019s \u2018ahead of the Fed\u2019 rate cut this month,\u201d online brokerage firm 2TradeAsia.com said in a market note.\nThe PSEi was also boosted by US markets\u2019 performance last week amid prospects of a September Fed rate cut, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail. \nWall Street and global shares jumped on Friday toward all-time highs, while Treasury yields slumped and the dollar languished, after a speech by Mr.\u00a0Powell confirmed the United States would soon begin interest rate cuts, Reuters reported.\nMr. Powell, in remarks on Friday at the annual economic symposium in Jackson Hole, Wyoming, said \u201cthe time has come\u201d to cut interest rates as rising risks to the job market left no room for further weakness and inflation was in reach of the Fed\u2019s 2% target, offering an explicit endorsement of an imminent policy easing.\nTraders increased bets for a bigger rate cut in September following Mr. Powell\u2019s speech, with the fed funds futures now pricing in a 37% chance of a 50-basis-point (bp) cut next month, up from about 25% late on Thursday. Traders are also pricing in about 106 bps of cuts by the end of the year. \u2014 Revin Mikhael D. Ochave with Reuters", "date_published": "2024-08-25T21:00:16+08:00", "date_modified": "2024-08-25T17:51:59+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2022/06/PSE-BGC.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=615726", "url": "https://www.bworldonline.com/stock-market/2024/08/22/615726/stocks-rebound-on-hopes-of-september-fed-cut/", "title": "Stocks rebound on hopes of September Fed cut", "content_html": "PHILIPPINE STOCKS rebounded to hit a fresh four-month high on Thursday on growing expectations of a rate cut by the US Federal Reserve next month.
\nThe bellwether Philippine Stock Exchange index (PSEi) rose by 0.88% or 61.34 points to end at 6,961.96 on Thursday, while the broader all shares index went up by 0.68% or 25.35 points to close at 3,749.73.
\nThursday\u2019s close was the PSEi\u2019s best finish in more than four months or since it ended at 6,979.81 on April 1.
\n\u201cThe local market bounced back this Thursday… Investors took cues from Wall Street\u2019s rally overnight driven by the Federal Reserve\u2019s July meeting minutes, which hinted at possible rate cuts by September,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
\n\u201cMost Fed officials signaled that easing monetary policy would be appropriate if economic data meets expectations, raising hopes for lower interest rates soon. All eyes are now on Fed Chair Jerome H. Powell, who is set to speak at the Jackson Hole Economic Symposium on Friday, potentially offering further guidance on the Fed\u2019s next steps,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\nThe Fed appears to be very much on track for an interest rate cut in September after a \u201cvast majority\u201d of officials said such an action was likely, according to the minutes of the US central bank\u2019s July 30-31 meeting, Reuters reported.
\nThe minutes, which were released on Wednesday, even showed some policymakers would have been willing to reduce borrowing costs at last month\u2019s gathering.
\nThe policy-setting Federal Open Market Committee left its benchmark interest rate unchanged in the 5.25%-5.5% range on July 31, but opened the door to a cut at the Sept. 17-18 meeting.
\nFinancial markets have been expecting the September meeting to kick off the Fed\u2019s policy easing, with as much as a full percentage point worth of rate cuts expected by the end of this year.
\nMajority of sectoral indices closed higher. Financials rose by 2.52% or 52.17 points to 2,122.39; holding firms increased by 0.72% or 42.58 points to 5,883.84; services climbed by 0.71% or 15.92 points to 2,238.06; and industrials went up by 0.32% or 29.97 points to 9,237.94.
\nOn the other hand, property declined by 0.67% or 18.30 points to 2,704.59; and mining and oil dropped by 0.06% or 5.17 points to 8,155.97.
\nValue turnover rose to P6.99 billion on Thursday with 653.22 million shares changing hands from the P5.14 billion with 863.73 million stocks traded on Wednesday.
\nAdvancers beat decliners, 117 versus 80, while 43 names were unchanged.
\nNet foreign buying rose to P2.34 billion on Thursday from P565.27 million on Wednesday.
\nPhilippine financial markets will be closed on Friday (Aug. 23) for a special nonworking holiday in observance of Ninoy Aquino Day, which was moved from the original Aug. 21 date. \u2014 R.M.D. Ochave with Reuters
\n", "content_text": "PHILIPPINE STOCKS rebounded to hit a fresh four-month high on Thursday on growing expectations of a rate cut by the US Federal Reserve next month.\nThe bellwether Philippine Stock Exchange index (PSEi) rose by 0.88% or 61.34 points to end at 6,961.96 on Thursday, while the broader all shares index went up by 0.68% or 25.35 points to close at 3,749.73.\nThursday\u2019s close was the PSEi\u2019s best finish in more than four months or since it ended at 6,979.81 on April 1.\n\u201cThe local market bounced back this Thursday… Investors took cues from Wall Street\u2019s rally overnight driven by the Federal Reserve\u2019s July meeting minutes, which hinted at possible rate cuts by September,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.\n\u201cMost Fed officials signaled that easing monetary policy would be appropriate if economic data meets expectations, raising hopes for lower interest rates soon. All eyes are now on Fed Chair Jerome H. Powell, who is set to speak at the Jackson Hole Economic Symposium on Friday, potentially offering further guidance on the Fed\u2019s next steps,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\nThe Fed appears to be very much on track for an interest rate cut in September after a \u201cvast majority\u201d of officials said such an action was likely, according to the minutes of the US central bank\u2019s July 30-31 meeting, Reuters reported.\nThe minutes, which were released on Wednesday, even showed some policymakers would have been willing to reduce borrowing costs at last month\u2019s gathering.\nThe policy-setting Federal Open Market Committee left its benchmark interest rate unchanged in the 5.25%-5.5% range on July 31, but opened the door to a cut at the Sept. 17-18 meeting.\nFinancial markets have been expecting the September meeting to kick off the Fed\u2019s policy easing, with as much as a full percentage point worth of rate cuts expected by the end of this year.\nMajority of sectoral indices closed higher. Financials rose by 2.52% or 52.17 points to 2,122.39; holding firms increased by 0.72% or 42.58 points to 5,883.84; services climbed by 0.71% or 15.92 points to 2,238.06; and industrials went up by 0.32% or 29.97 points to 9,237.94.\nOn the other hand, property declined by 0.67% or 18.30 points to 2,704.59; and mining and oil dropped by 0.06% or 5.17 points to 8,155.97.\nValue turnover rose to P6.99 billion on Thursday with 653.22 million shares changing hands from the P5.14 billion with 863.73 million stocks traded on Wednesday.\nAdvancers beat decliners, 117 versus 80, while 43 names were unchanged.\nNet foreign buying rose to P2.34 billion on Thursday from P565.27 million on Wednesday.\nPhilippine financial markets will be closed on Friday (Aug. 23) for a special nonworking holiday in observance of Ninoy Aquino Day, which was moved from the original Aug. 21 date. \u2014 R.M.D. Ochave with Reuters", "date_published": "2024-08-22T21:00:19+08:00", "date_modified": "2024-08-22T18:45:11+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2024/06/PSE-trading-floor.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=615430", "url": "https://www.bworldonline.com/stock-market/2024/08/21/615430/profit-taking-halts-phl-shares-three-day-climb-2/", "title": "Profit taking halts PHL shares\u2019 three-day climb", "content_html": "\n
PHILIPPINE STOCKS snapped their three-day rally on Wednesday as investors pocketed their gains ahead of the US Federal Reserve\u2019s annual economic symposium.
\nThe Philippine Stock Exchange index (PSEi) dropped by 0.63% or 44.14 points to end at 6,900.62 on Wednesday, while the broader all shares index dropped by 0.12% or 4.71 points to finish at 3,724.38.
\n\u201cThe local market closed lower this Wednesday by 0.63% to 6,900.62 on the back of profit taking. Investors booked gains after three consecutive days of rallying,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
\n\u201cThe local bourse also took cues from Wall Street\u2019s decline wherein investors took a cautious stance while waiting for the Jackson Hole Economic Symposium where the Fed may give clues on their policy outlook,\u201d he added.
\nWall Street\u2019s main indexes slipped in volatile trading on Tuesday, ahead of a symposium at Jackson Hole later this week and minutes from the Federal Reserve\u2019s meeting last month which could offer clues on a September interest rate cut, Reuters reported.
\nThe Dow Jones Industrial Average index dropped by 0.15% or 61.56 points to 40,834.97; the S&P 500 lost 0.2% or 11.13 points to 5,597.12; and the Nasdaq Composite went down by 0.33% or 59.83 points to 17,816.94.
\nTraders are looking forward to any hints from Fed Chair Jerome H. Powell of a rate cut at the upcoming Fed meeting in September when he delivers his speech at the annual economic symposium in Jackson Hole on Friday.
\nOdds for the Fed cutting interest rates by 25 basis points (bps) in September stand at 73.5%, compared with a near-even split between a 50- and 25-bp cut seen a week ago, according to the CME FedWatch Tool.
\n\u201cPhilippine shares succumbed to profit taking after hitting 7,000 intraday [on Tuesday] as investors started to keep to cash ahead of the long weekend,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\nPhilippine financial markets will be closed on Friday (Aug. 23) for a special nonworking holiday in observance of Ninoy Aquino Day, which was moved from the original Aug. 21 date.
\nAlmost all sectoral indices closed lower on Wednesday, with industrials being the lone gainer, rising by 0.14% or 13.12 points to 9,207.97.
\nProperty dropped by 1.52% or 42.20 points to 2,722.89; financials went down 1.03% or 21.70 points to 2,070.22; mining and oil declined by 0.91% or 75.05 points to 8,161.14; services retreated by 0.22% or 5.05 points to 2,222.14; and holding firms decreased by 0.2% or 11.91 points to 5,841.26.
\nValue turnover declined to P5.14 billion on Wednesday with 863.73 million issues changing hands from the P8.09 billion with 673.38 million issues traded on Tuesday.
\nMarket breadth was negative as decliners outnumbered advancers, 130 versus 78, while 49 issues closed unchanged.
\nNet foreign buying declined to P565.27 million on Wednesday from P2.06 billion on Tuesday. \u2014 Revin Mikhael D. Ochave with Reuters
\n", "content_text": "PHILIPPINE STOCKS snapped their three-day rally on Wednesday as investors pocketed their gains ahead of the US Federal Reserve\u2019s annual economic symposium.\nThe Philippine Stock Exchange index (PSEi) dropped by 0.63% or 44.14 points to end at 6,900.62 on Wednesday, while the broader all shares index dropped by 0.12% or 4.71 points to finish at 3,724.38.\n\u201cThe local market closed lower this Wednesday by 0.63% to 6,900.62 on the back of profit taking. Investors booked gains after three consecutive days of rallying,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.\n\u201cThe local bourse also took cues from Wall Street\u2019s decline wherein investors took a cautious stance while waiting for the Jackson Hole Economic Symposium where the Fed may give clues on their policy outlook,\u201d he added.\nWall Street\u2019s main indexes slipped in volatile trading on Tuesday, ahead of a symposium at Jackson Hole later this week and minutes from the Federal Reserve\u2019s meeting last month which could offer clues on a September interest rate cut, Reuters reported.\nThe Dow Jones Industrial Average index dropped by 0.15% or 61.56 points to 40,834.97; the S&P 500 lost 0.2% or 11.13 points to 5,597.12; and the Nasdaq Composite went down by 0.33% or 59.83 points to 17,816.94.\nTraders are looking forward to any hints from Fed Chair Jerome H. Powell of a rate cut at the upcoming Fed meeting in September when he delivers his speech at the annual economic symposium in Jackson Hole on Friday.\nOdds for the Fed cutting interest rates by 25 basis points (bps) in September stand at 73.5%, compared with a near-even split between a 50- and 25-bp cut seen a week ago, according to the CME FedWatch Tool.\n\u201cPhilippine shares succumbed to profit taking after hitting 7,000 intraday [on Tuesday] as investors started to keep to cash ahead of the long weekend,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\nPhilippine financial markets will be closed on Friday (Aug. 23) for a special nonworking holiday in observance of Ninoy Aquino Day, which was moved from the original Aug. 21 date.\nAlmost all sectoral indices closed lower on Wednesday, with industrials being the lone gainer, rising by 0.14% or 13.12 points to 9,207.97.\nProperty dropped by 1.52% or 42.20 points to 2,722.89; financials went down 1.03% or 21.70 points to 2,070.22; mining and oil declined by 0.91% or 75.05 points to 8,161.14; services retreated by 0.22% or 5.05 points to 2,222.14; and holding firms decreased by 0.2% or 11.91 points to 5,841.26.\nValue turnover declined to P5.14 billion on Wednesday with 863.73 million issues changing hands from the P8.09 billion with 673.38 million issues traded on Tuesday.\nMarket breadth was negative as decliners outnumbered advancers, 130 versus 78, while 49 issues closed unchanged.\nNet foreign buying declined to P565.27 million on Wednesday from P2.06 billion on Tuesday. \u2014 Revin Mikhael D. Ochave with Reuters", "date_published": "2024-08-21T21:00:40+08:00", "date_modified": "2024-08-21T18:34:29+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2023/10/PSE-building.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=615192", "url": "https://www.bworldonline.com/stock-market/2024/08/20/615192/pse-index-climbs-to-6900-level-on-rate-cut-hopes/", "title": "PSE index climbs to 6,900 level on rate cut hopes", "content_html": "THE BELLWETHER INDEX climbed for a third straight day on Tuesday to end above the 6,900 mark on expectations of continued monetary policy easing by the Bangko Sentral ng Pilipinas (BSP).
\nThe Philippine Stock Exchange index (PSEi) rose by 0.79% or 54.89 points to finish at 6,944.76 on Tuesday, while the broader all shares index climbed by 0.61% or 22.64 points to end at 3,729.09.
\nThis was the PSEi\u2019s highest close in over four months or since it ended at 6,960.43 on April 2.
\nThe index also breached the 7,000 level intraday, logging a high of 7,005.27 during the session.
\n\u201cThe local market climbed further this Tuesday… Expectations that the BSP will continue with its monetary policy easing moving forward, and positive cues from Wall Street continued to lift sentiment,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
\n\u201cPhilippine shares broke into the 6,900 level and now is just a stone\u2019s throw away from the 7,000 level, with investors continuing to buy into strong earnings and the recent 25-basis-point (bp) cut…,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\nThe BSP on Thursday cut benchmark interest rates for the first time in almost four years amid an improving inflation and economic outlook, with its governor signaling at least one more reduction before the end of the year.
\nThe Monetary Board reduced its policy rate by 25 bps to 6.25%, as expected by nine out of 16 analysts surveyed in a BusinessWorld poll.
\nBSP Governor Eli M. Remolona, Jr. said at a briefing that they could cut rates by another 25 bps within the year. The Monetary Board\u2019s remaining policy-setting meetings this year are scheduled for Oct. 17 and Dec. 19.
\nAnalysts expect the BSP\u2019s easing cycle to continue until next year amid stabilizing inflation, with at least 100 bps in cuts seen in 2025.
\n\u201cInvestors also cheered the balance of payment (BoP) surplus posted by the Philippines in July and the strengthening of the local currency,\u201d Mr. Tantiangco added.
\nThe country\u2019s BoP position swung to a $62-million surplus in July from a $53-million deficit in the same period last year, BSP data showed.
\nMeanwhile, the peso closed at an over four-month high of P56.55 per dollar on Tuesday, up by nine centavos from Monday\u2019s finish.
\nSectoral indices were split. Financials rose by 2.54% or 51.84 points to 2,091.92; services increased by 2.13% or 46.57 points to 2,227.19; and holding firms went up by 0.22% or 13.12 points to 5,853.17. Meanwhile, industrials fell by 0.83% or 77.13 points to 9,194.85; property dropped by 0.83% or 23.39 points to 2,765.09; and mining and oil went down by 0.25% or 21.41 points to 8,236.19.
\nValue turnover rose to P8.09 billion on Tuesday with 673.38 million issues changing hands from the P7.64 billion with 625.66 million shares traded on Monday.
\nDecliners outnumbered advancers, 120 versus 89, while 51 names closed unchanged.
\nNet foreign buying surged to P2.06 billion on Tuesday from P1.41 billion on Monday. \u2014 RMDO
\n", "content_text": "THE BELLWETHER INDEX climbed for a third straight day on Tuesday to end above the 6,900 mark on expectations of continued monetary policy easing by the Bangko Sentral ng Pilipinas (BSP).\nThe Philippine Stock Exchange index (PSEi) rose by 0.79% or 54.89 points to finish at 6,944.76 on Tuesday, while the broader all shares index climbed by 0.61% or 22.64 points to end at 3,729.09.\nThis was the PSEi\u2019s highest close in over four months or since it ended at 6,960.43 on April 2.\nThe index also breached the 7,000 level intraday, logging a high of 7,005.27 during the session. \n\u201cThe local market climbed further this Tuesday… Expectations that the BSP will continue with its monetary policy easing moving forward, and positive cues from Wall Street continued to lift sentiment,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.\n\u201cPhilippine shares broke into the 6,900 level and now is just a stone\u2019s throw away from the 7,000 level, with investors continuing to buy into strong earnings and the recent 25-basis-point (bp) cut…,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\nThe BSP on Thursday cut benchmark interest rates for the first time in almost four years amid an improving inflation and economic outlook, with its governor signaling at least one more reduction before the end of the year.\nThe Monetary Board reduced its policy rate by 25 bps to 6.25%, as expected by nine out of 16 analysts surveyed in a BusinessWorld poll.\nBSP Governor Eli M. Remolona, Jr. said at a briefing that they could cut rates by another 25 bps within the year. The Monetary Board\u2019s remaining policy-setting meetings this year are scheduled for Oct. 17 and Dec. 19.\nAnalysts expect the BSP\u2019s easing cycle to continue until next year amid stabilizing inflation, with at least 100 bps in cuts seen in 2025.\n\u201cInvestors also cheered the balance of payment (BoP) surplus posted by the Philippines in July and the strengthening of the local currency,\u201d Mr. Tantiangco added.\nThe country\u2019s BoP position swung to a $62-million surplus in July from a $53-million deficit in the same period last year, BSP data showed.\nMeanwhile, the peso closed at an over four-month high of P56.55 per dollar on Tuesday, up by nine centavos from Monday\u2019s finish.\nSectoral indices were split. Financials rose by 2.54% or 51.84 points to 2,091.92; services increased by 2.13% or 46.57 points to 2,227.19; and holding firms went up by 0.22% or 13.12 points to 5,853.17. Meanwhile, industrials fell by 0.83% or 77.13 points to 9,194.85; property dropped by 0.83% or 23.39 points to 2,765.09; and mining and oil went down by 0.25% or 21.41 points to 8,236.19.\nValue turnover rose to P8.09 billion on Tuesday with 673.38 million issues changing hands from the P7.64 billion with 625.66 million shares traded on Monday.\nDecliners outnumbered advancers, 120 versus 89, while 51 names closed unchanged.\nNet foreign buying surged to P2.06 billion on Tuesday from P1.41 billion on Monday. \u2014 RMDO", "date_published": "2024-08-20T21:00:20+08:00", "date_modified": "2024-08-20T20:08:04+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2021/12/PSEPSE-Trading-Floor-090920-5.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=614914", "url": "https://www.bworldonline.com/stock-market/2024/08/19/614914/psei-rallies-to-6800-on-positive-market-sentiment/", "title": "PSEi rallies to 6,800 on positive market sentiment", "content_html": "THE MAIN INDEX rallied to the 6,800 level on Monday as the market continued to cheer the Philippine central bank\u2019s first rate cut in nearly four years and amid easing recession fears in the United States.
\nThe Philippine Stock Exchange index (PSEi) rose by 0.62% or 42.50 points to end at 6,889.87 on Monday, while the broader all shares index gained by 0.4% or 15.03 points to close at 3,706.45.
\nMonday\u2019s close was the PSEi\u2019s best finish in over four months or since it closed at 6,960.43 on April 2.
\n\u201cInvestors continued to draw optimism from the Bangko Sentral ng Pilipinas\u2019 (BSP) recent policy rate cut as well as the prospect of further monetary policy easing moving forward,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
\n\u201cThe Philippine stock market gained, buoyed by a favorable shift in both monetary policy and macroeconomic outlooks. As the earnings reporting season winds down, investors\u2019 attention has turned to broader economic trends, which are currently shaping the market\u2019s positive trajectory,\u201d AB Capital Securities, Inc. Vice-President Jovis L. Vistan said in a Viber message.
\nThe Bangko Sentral ng Pilipinas (BSP) on Thursday cut benchmark interest rates for the first time in almost four years amid an improving inflation and economic outlook, with its governor signaling at least one more reduction before the end of the year.
\nThe BSP slashed its target reverse repurchase rate by 25 basis points (bps) to 6.25%.
\nBSP Governor Eli M. Remolona, Jr. said at a briefing that they could cut rates by another 25 bps within the year.
\n\u201cThe positive spillovers from Wall Street\u2019s performance last Friday driven by growing confidence on the United States economy also helped in [Monday\u2019s] session,\u201d Mr. Tantiangco added.
\nBack home, the majority of sectoral indices ended higher. Property rose by 1.55% or 42.69 points to 2,788.48; mining and oil went up by 1.42% or 115.74 points to 8,257.60; financials climbed by 1.41% or 28.41 points to 2,040.08; and services increased by 0.58% or 12.59 points to 2,180.62.
\nOn the other hand, industrials declined by 0.5% or 46.89 points to 9,271.98; and holding firms fell by 0.14% or 8.56 points to 5,840.05.
\nValue turnover rose to P7.64 billion on Monday with 625.66 million shares changing hands from the P7.14 billion with 699.87 million issues traded on Friday.
\nDecliners beat advancers, 104 versus 94, while 54 issues were unchanged.
\nNet foreign buying rose to P1.41 billion on Monday from P654.36 million on Friday.
\n\u201cThe recent rally pushed the PSEi past the critical 6,800 resistance level. We are now eyeing the 7,000 psychological resistance… as the next target,\u201d Mr. Vistan said. \u201cThis indicates a strong upward momentum that could propel the index further if macroeconomic conditions remain supportive.\u201d \u2014 R.M.D. Ochave
\n", "content_text": "THE MAIN INDEX rallied to the 6,800 level on Monday as the market continued to cheer the Philippine central bank\u2019s first rate cut in nearly four years and amid easing recession fears in the United States.\nThe Philippine Stock Exchange index (PSEi) rose by 0.62% or 42.50 points to end at 6,889.87 on Monday, while the broader all shares index gained by 0.4% or 15.03 points to close at 3,706.45.\nMonday\u2019s close was the PSEi\u2019s best finish in over four months or since it closed at 6,960.43 on April 2.\n\u201cInvestors continued to draw optimism from the Bangko Sentral ng Pilipinas\u2019 (BSP) recent policy rate cut as well as the prospect of further monetary policy easing moving forward,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.\n\u201cThe Philippine stock market gained, buoyed by a favorable shift in both monetary policy and macroeconomic outlooks. As the earnings reporting season winds down, investors\u2019 attention has turned to broader economic trends, which are currently shaping the market\u2019s positive trajectory,\u201d AB Capital Securities, Inc. Vice-President Jovis L. Vistan said in a Viber message.\nThe Bangko Sentral ng Pilipinas (BSP) on Thursday cut benchmark interest rates for the first time in almost four years amid an improving inflation and economic outlook, with its governor signaling at least one more reduction before the end of the year.\nThe BSP slashed its target reverse repurchase rate by 25 basis points (bps) to 6.25%.\nBSP Governor Eli M. Remolona, Jr. said at a briefing that they could cut rates by another 25 bps within the year.\n\u201cThe positive spillovers from Wall Street\u2019s performance last Friday driven by growing confidence on the United States economy also helped in [Monday\u2019s] session,\u201d Mr. Tantiangco added.\nBack home, the majority of sectoral indices ended higher. Property rose by 1.55% or 42.69 points to 2,788.48; mining and oil went up by 1.42% or 115.74 points to 8,257.60; financials climbed by 1.41% or 28.41 points to 2,040.08; and services increased by 0.58% or 12.59 points to 2,180.62.\nOn the other hand, industrials declined by 0.5% or 46.89 points to 9,271.98; and holding firms fell by 0.14% or 8.56 points to 5,840.05.\nValue turnover rose to P7.64 billion on Monday with 625.66 million shares changing hands from the P7.14 billion with 699.87 million issues traded on Friday.\nDecliners beat advancers, 104 versus 94, while 54 issues were unchanged.\nNet foreign buying rose to P1.41 billion on Monday from P654.36 million on Friday.\n\u201cThe recent rally pushed the PSEi past the critical 6,800 resistance level. We are now eyeing the 7,000 psychological resistance… as the next target,\u201d Mr. Vistan said. \u201cThis indicates a strong upward momentum that could propel the index further if macroeconomic conditions remain supportive.\u201d \u2014 R.M.D. Ochave", "date_published": "2024-08-19T21:00:42+08:00", "date_modified": "2024-08-19T18:49:29+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2023/09/PSE.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=614649", "url": "https://www.bworldonline.com/stock-market/2024/08/18/614649/shares-may-rally-further-as-bsp-starts-easing-cycle/", "title": "Shares may rally further as BSP starts easing cycle", "content_html": "PHILIPPINE SHARES may continue to climb this week after the Bangko Sentral ng Pilipinas (BSP) on Thursday cut benchmark interest rates for the first time in nearly four years.
\nOn Friday, the Philippine Stock Exchange index (PSEi) rose by 2.3% or 154.46 points to end at 6,847.37, while the broader all shares index went up by 1.74% or 63.27 points to finish at 3,691.42.
\nWeek on week, the PSEi climbed by 3% or 199.57 points from its 6,647.80 close on Aug. 9, marking its second consecutive weekly gain.
\n\u201cLocal equities surged, boosted by the Bangko Sentral ng Pilipinas\u2019 25-basis-point (bp) rate cut, the first in almost four years,\u201d online brokerage firm 2TradeAsia.com said in a market note.
\n\u201cThe local market had a good run last week, with value turnover going above the year-to-date average. In the process, the market was able to get past its 6,700-6,800 resistance range,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
\nThe Monetary Board on Thursday reduced its target reverse repurchase rate by 25 bps to 6.25%.
\nThis was the first time the BSP reduced rates since November 2020, when it delivered a 25-bp cut amid the coronavirus pandemic.
\nPrior to the cut, the BSP kept its policy rate at an over 17-year high of 6.5% for six straight meetings following cumulative hikes worth 450 bps between May 2022 and October 2023 to combat inflation.
\n\u201cWith inflation on a target-consistent path, the current macroeconomic outlook supports a calibrated shift to a less restrictive monetary policy stance,\u201d BSP Governor Eli M. Remolona, Jr. said at a briefing.
\nMr. Remolona said they could cut rates by another 25 bps this year. The Monetary Board\u2019s remaining policy-setting meetings are scheduled for Oct. 17 and Dec. 19.
\nFor this week, the market will continue to react to the BSP\u2019s rate decision, Mr. Tantiangco said.
\n\u201cWith the BSP already going for one 25-bp rate cut, together with the prospect of more monetary policy easing moving forward, we may see the market climb further this week,\u201d he said. \u201cEasing recession worries in the United States are also expected to help the local bourse.\u201d
\nMr. Tantiangco said if the PSEi can remain at the 6,700-6,800 range, this would be its new support, while its next resistance is at 7,000.
\n\u201cThere is clear upward bias to market movements as rate cuts, locally and abroad, have turned in favor of risk assets. The dying out of the \u2018higher-for-longer\u2019 view on global interest rates may be the impetus the PSEi needs to approach 7,000 in the medium term,\u201d 2TradeAsia.com said.
\nThe online brokerage placed the market\u2019s immediate support at 6,600 and resistance at 7,000.
\nPhilippine financial markets will be closed on Friday (Aug. 23) for a special nonworking holiday in observance of Ninoy Aquino Day, which was moved from the original Aug. 21 date. \u2014 R.M.D. Ochave
\n", "content_text": "PHILIPPINE SHARES may continue to climb this week after the Bangko Sentral ng Pilipinas (BSP) on Thursday cut benchmark interest rates for the first time in nearly four years.\nOn Friday, the Philippine Stock Exchange index (PSEi) rose by 2.3% or 154.46 points to end at 6,847.37, while the broader all shares index went up by 1.74% or 63.27 points to finish at 3,691.42.\nWeek on week, the PSEi climbed by 3% or 199.57 points from its 6,647.80 close on Aug. 9, marking its second consecutive weekly gain.\n\u201cLocal equities surged, boosted by the Bangko Sentral ng Pilipinas\u2019 25-basis-point (bp) rate cut, the first in almost four years,\u201d online brokerage firm 2TradeAsia.com said in a market note.\n\u201cThe local market had a good run last week, with value turnover going above the year-to-date average. In the process, the market was able to get past its 6,700-6,800 resistance range,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.\nThe Monetary Board on Thursday reduced its target reverse repurchase rate by 25 bps to 6.25%.\nThis was the first time the BSP reduced rates since November 2020, when it delivered a 25-bp cut amid the coronavirus pandemic.\nPrior to the cut, the BSP kept its policy rate at an over 17-year high of 6.5% for six straight meetings following cumulative hikes worth 450 bps between May 2022 and October 2023 to combat inflation.\n\u201cWith inflation on a target-consistent path, the current macroeconomic outlook supports a calibrated shift to a less restrictive monetary policy stance,\u201d BSP Governor Eli M. Remolona, Jr. said at a briefing.\nMr. Remolona said they could cut rates by another 25 bps this year. The Monetary Board\u2019s remaining policy-setting meetings are scheduled for Oct. 17 and Dec. 19.\nFor this week, the market will continue to react to the BSP\u2019s rate decision, Mr. Tantiangco said.\n\u201cWith the BSP already going for one 25-bp rate cut, together with the prospect of more monetary policy easing moving forward, we may see the market climb further this week,\u201d he said. \u201cEasing recession worries in the United States are also expected to help the local bourse.\u201d\nMr. Tantiangco said if the PSEi can remain at the 6,700-6,800 range, this would be its new support, while its next resistance is at 7,000.\n\u201cThere is clear upward bias to market movements as rate cuts, locally and abroad, have turned in favor of risk assets. The dying out of the \u2018higher-for-longer\u2019 view on global interest rates may be the impetus the PSEi needs to approach 7,000 in the medium term,\u201d 2TradeAsia.com said.\nThe online brokerage placed the market\u2019s immediate support at 6,600 and resistance at 7,000.\nPhilippine financial markets will be closed on Friday (Aug. 23) for a special nonworking holiday in observance of Ninoy Aquino Day, which was moved from the original Aug. 21 date. \u2014 R.M.D. Ochave", "date_published": "2024-08-18T21:00:06+08:00", "date_modified": "2024-08-18T17:59:55+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2022/07/PSE-trading-floor-traders.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=614355", "url": "https://www.bworldonline.com/stock-market/2024/08/15/614355/stocks-slip-on-profit-taking-before-rate-decision/", "title": "Stocks slip on profit taking before rate decision", "content_html": "\n
PHILIPPINE SHARES inched lower on Thursday as investors pocketed profits from the market\u2019s recent rally in anticipation of the Bangko Sentral ng Pilipinas\u2019 (BSP) policy decision, which was announced near the end of the trading session.
\nThe Philippine Stock Exchange index (PSEi) dropped by 0.18% or 12.05 points to finish at 6,692.91 on Thursday, while the broader all shares index slipped by 0.03% or 1.15 points to close at 3,628.15.
\n\u201cLast-minute profit taking brought the local market down. Investors booking gains is seen as a cautious move while waiting for the BSP\u2019s policy decision,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message. \u201cChart-wise, the local market declined after hitting its resistance at the 6,700-6,800 range.\u201d
\n\u201cPhilippine shares closed slightly lower as local traders anticipated the BSP\u2019s policy decision. It was also announced a few minutes after closing that rates would finally be reduced by 25 bps (basis points) after much speculation from the market,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\nThe BSP\u2019s policy-setting Monetary Board on Thursday cut benchmark interest rates for the first time in nearly four years amid expectations of easing inflation.
\nThe central bank reduced its target reverse repurchase rate by 25 bps to 6.25%, as expected by nine out of 16 analysts in a BusinessWorld poll conducted last week. This marked its first easing move since November 2020.
\nPrior to the cut, the BSP kept its policy rate at an over 17-year high of 6.5% since October 2023 following cumulative hikes worth 450 bps to combat inflation.
\n\u201cWith inflation on a target-consistent path, the current macroeconomic outlook supports a calibrated shift to a less restrictive monetary policy stance. Nonetheless, monetary authorities remain mindful of lingering upside risks to prices,\u201d BSP Governor Eli M. Remolona, Jr. said in a briefing on Thursday. \u201cGoing forward, the Monetary Board will continue to take a measured approach in ensuring price stability conducive to balanced and sustainable growth of the economy and employment.\u201d
\nMajority of sectoral indices closed lower on Thursday. Mining and oil dropped by 1.11% or 91.22 points to 8,128.17; financials went down by 0.77% or 15.30 points to 1,969.35; holding firms retreated by 0.47% or 27.71 points to 5,761.03; and industrials declined by 0.18% or 16.97 points to 9,149.18.
\nOn the other hand, services climbed by 0.68% or 14.26 points to 2,102.48, and property rose by 0.01% or 0.47 points to 2,694.38.
\nValue turnover went down to P5.5 billion on Thursday with 462.44 million shares switching hands from the P6.96 billion with 670.22 million issues traded on Wednesday.
\nAdvancers beat decliners, 103 versus 98, while 47 issues ended unchanged.
\nNet foreign buying dropped to P3.58 million on Thursday from P457.52 million on Wednesday. \u2014 Revin Mikhael D. Ochave
\n", "content_text": "PHILIPPINE SHARES inched lower on Thursday as investors pocketed profits from the market\u2019s recent rally in anticipation of the Bangko Sentral ng Pilipinas\u2019 (BSP) policy decision, which was announced near the end of the trading session.\nThe Philippine Stock Exchange index (PSEi) dropped by 0.18% or 12.05 points to finish at 6,692.91 on Thursday, while the broader all shares index slipped by 0.03% or 1.15 points to close at 3,628.15.\n\u201cLast-minute profit taking brought the local market down. Investors booking gains is seen as a cautious move while waiting for the BSP\u2019s policy decision,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message. \u201cChart-wise, the local market declined after hitting its resistance at the 6,700-6,800 range.\u201d\n\u201cPhilippine shares closed slightly lower as local traders anticipated the BSP\u2019s policy decision. It was also announced a few minutes after closing that rates would finally be reduced by 25 bps (basis points) after much speculation from the market,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\nThe BSP\u2019s policy-setting Monetary Board on Thursday cut benchmark interest rates for the first time in nearly four years amid expectations of easing inflation.\nThe central bank reduced its target reverse repurchase rate by 25 bps to 6.25%, as expected by nine out of 16 analysts in a BusinessWorld poll conducted last week. This marked its first easing move since November 2020.\nPrior to the cut, the BSP kept its policy rate at an over 17-year high of 6.5% since October 2023 following cumulative hikes worth 450 bps to combat inflation.\n\u201cWith inflation on a target-consistent path, the current macroeconomic outlook supports a calibrated shift to a less restrictive monetary policy stance. Nonetheless, monetary authorities remain mindful of lingering upside risks to prices,\u201d BSP Governor Eli M. Remolona, Jr. said in a briefing on Thursday. \u201cGoing forward, the Monetary Board will continue to take a measured approach in ensuring price stability conducive to balanced and sustainable growth of the economy and employment.\u201d\nMajority of sectoral indices closed lower on Thursday. Mining and oil dropped by 1.11% or 91.22 points to 8,128.17; financials went down by 0.77% or 15.30 points to 1,969.35; holding firms retreated by 0.47% or 27.71 points to 5,761.03; and industrials declined by 0.18% or 16.97 points to 9,149.18.\nOn the other hand, services climbed by 0.68% or 14.26 points to 2,102.48, and property rose by 0.01% or 0.47 points to 2,694.38.\nValue turnover went down to P5.5 billion on Thursday with 462.44 million shares switching hands from the P6.96 billion with 670.22 million issues traded on Wednesday.\nAdvancers beat decliners, 103 versus 98, while 47 issues ended unchanged.\nNet foreign buying dropped to P3.58 million on Thursday from P457.52 million on Wednesday. \u2014 Revin Mikhael D. Ochave", "date_published": "2024-08-15T21:00:26+08:00", "date_modified": "2024-08-15T18:36:39+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2021/08/PSE-bell-1.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=614018", "url": "https://www.bworldonline.com/stock-market/2024/08/14/614018/psei-back-above-6700-as-mart-awaits-bsp-move/", "title": "PSEi back above 6,700 as mart awaits BSP move", "content_html": "\n
THE MAIN INDEX climbed to the 6,700 level on Wednesday, propped up by bargain hunting before the policy meeting of the Bangko Sentral ng Pilipinas (BSP), a strong peso, and positive spillovers from Wall Street overnight.
\nThe bellwether Philippine Stock Exchange index (PSEi) rose by 0.82% or 54.52 points to end at 6,704.96 on Wednesday, while the broader all shares index climbed by 0.53% or 19.30 points to close at 3,629.30. This was the PSEi\u2019s best close in almost three weeks or since it finished at 6,726.01 on July 26.
\n\u201cInvestors continued to bargain hunt ahead of the BSP meeting [on Thursday], while more economic data and corporate earnings continue to underscore that the economy continues to perform remarkably well,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\nA BusinessWorld poll showed that nine out of 16 analysts surveyed expect the Monetary Board to deliver a 25-basis-point (bp) rate cut at Thursday\u2019s policy meeting, bringing the target reverse repurchase rate to 6.25% from the current over 17-year high of 6.5%, where it has been since October 2023.
\nOn the other hand, seven others expect the BSP to keep rates steady. The Monetary Board last reduced rates in November 2020, when it delivered a 25-bp cut and brought the key rate to 2% to support economic recovery amid the coronavirus pandemic.
\n\u201cThe local market extended its rise this Wednesday, gaining 0.82%. The positive spillovers from Wall Street\u2019s overnight rally driven by the US\u2019 below-expected producer price index numbers gave a boost in [Wednesday\u2019s] session,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
\n\u201cThe local currency\u2019s recent strengthening against the US dollar also helped in sustaining the market\u2019s upward movement,\u201d Mr.\u00a0Tantiangco added.
\nThe peso inched up to P56.955 per dollar on Wednesday from P56.96 on Tuesday, according to Bankers Association of the Philippines data.
\nThis was a new near four-month high for the local unit as it was its best finish since closing at P56.808 on April 15.
\nAll sectoral indices closed higher on Wednesday. Property rose by 1.68% or 44.75 points to 2,693.91; mining and oil increased by 1.44% or 116.87 points to 8,219.39; industrials went up by 1.32% or 120.18 points to 9,166.15; holding firms jumped by 0.79% or 45.70 points to 5,788.74; services improved by 0.06% or 1.27 points to 2,088.22; and financials inched up by 0.02% or 0.44 point to 1,984.65.
\nValue turnover went up to P6.96 billion on Wednesday with 670.22 million issues changing hands from P4.98 billion with 607.05 million shares traded on Tuesday.
\nDecliners outnumbered advancers, 105 versus 98, while 54 issues were unchanged.
\nNet foreign buying rose to P457.52 million on Wednesday from P121.63 million on Tuesday. \u2014 R.M.D. Ochave
\n", "content_text": "THE MAIN INDEX climbed to the 6,700 level on Wednesday, propped up by bargain hunting before the policy meeting of the Bangko Sentral ng Pilipinas (BSP), a strong peso, and positive spillovers from Wall Street overnight.\nThe bellwether Philippine Stock Exchange index (PSEi) rose by 0.82% or 54.52 points to end at 6,704.96 on Wednesday, while the broader all shares index climbed by 0.53% or 19.30 points to close at 3,629.30. This was the PSEi\u2019s best close in almost three weeks or since it finished at 6,726.01 on July 26.\n\u201cInvestors continued to bargain hunt ahead of the BSP meeting [on Thursday], while more economic data and corporate earnings continue to underscore that the economy continues to perform remarkably well,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\nA BusinessWorld poll showed that nine out of 16 analysts surveyed expect the Monetary Board to deliver a 25-basis-point (bp) rate cut at Thursday\u2019s policy meeting, bringing the target reverse repurchase rate to 6.25% from the current over 17-year high of 6.5%, where it has been since October 2023.\nOn the other hand, seven others expect the BSP to keep rates steady. The Monetary Board last reduced rates in November 2020, when it delivered a 25-bp cut and brought the key rate to 2% to support economic recovery amid the coronavirus pandemic.\n\u201cThe local market extended its rise this Wednesday, gaining 0.82%. The positive spillovers from Wall Street\u2019s overnight rally driven by the US\u2019 below-expected producer price index numbers gave a boost in [Wednesday\u2019s] session,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.\n\u201cThe local currency\u2019s recent strengthening against the US dollar also helped in sustaining the market\u2019s upward movement,\u201d Mr.\u00a0Tantiangco added.\nThe peso inched up to P56.955 per dollar on Wednesday from P56.96 on Tuesday, according to Bankers Association of the Philippines data.\nThis was a new near four-month high for the local unit as it was its best finish since closing at P56.808 on April 15.\nAll sectoral indices closed higher on Wednesday. Property rose by 1.68% or 44.75 points to 2,693.91; mining and oil increased by 1.44% or 116.87 points to 8,219.39; industrials went up by 1.32% or 120.18 points to 9,166.15; holding firms jumped by 0.79% or 45.70 points to 5,788.74; services improved by 0.06% or 1.27 points to 2,088.22; and financials inched up by 0.02% or 0.44 point to 1,984.65.\nValue turnover went up to P6.96 billion on Wednesday with 670.22 million issues changing hands from P4.98 billion with 607.05 million shares traded on Tuesday.\nDecliners outnumbered advancers, 105 versus 98, while 54 issues were unchanged.\nNet foreign buying rose to P457.52 million on Wednesday from P121.63 million on Tuesday. \u2014 R.M.D. Ochave", "date_published": "2024-08-14T21:00:41+08:00", "date_modified": "2024-08-14T18:44:48+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2021/09/PSE-board.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=613826", "url": "https://www.bworldonline.com/stock-market/2024/08/13/613826/phl-stocks-rise-on-strong-peso-corporate-results/", "title": "PHL stocks rise on strong peso, corporate results", "content_html": "PHILIPPINE SHARES closed higher on Tuesday on positive sentiment after the peso returned to the P56 level against the dollar and strong corporate results.
\nThe Philippine Stock Exchange index rose by 0.56% or 37.08 points to end at 6,650.44 on Tuesday, while the broader all shares index improved by 0.31% or 11.46 points to finish at 3,610.
\n\u201cThe local market bounced back this Tuesday. The peso\u2019s strengthening against the dollar has helped in lifting the market. Investors\u2019 appreciation of second-quarter and first-half corporate results also helped in bringing the market up,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
\nOn Tuesday, the peso closed at P56.96 per dollar, rising by 35.6 centavos from its P57.316 close on Monday, based on Bankers Association of the Philippines data.
\nThis was the local unit\u2019s best close in almost four months and was the first time it ended at the P56 level since its P56.808-a-dollar finish on April 15.
\n\u201cPhilippine shares rebounded, tracking their Asian peers, as investors continue to take positions ahead of the upcoming BSP (Bangko Sentral ng Pilipinas) meeting this Thursday,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\nA BusinessWorld poll conducted last week showed that nine out of 16 analysts surveyed expect the Monetary Board to deliver a 25-basis-point (bp) rate cut at its meeting on Thursday (Aug. 15), bringing the target reverse repurchase rate to 6.25% from the current over 17-year high of 6.5%.
\nOn the other hand, seven others expect the BSP to keep rates steady this week.
\nFrom May 2022 to October 2023, the BSP hiked borrowing costs by 450 bps.
\n\u201cMeanwhile, Wall Street opened the week with choppy trading as investors awaited key inflation reports that could provide direction after last week\u2019s volatility, driven by a weak jobs report and the unwinding of the yen carry trade,\u201d Mr. Limlingan added.
\nMajority of sectoral indices closed higher on Tuesday. Property climbed by 1.69% or 44.13 points to 2,649.16; industrials went up by 0.56% or 50.70 points to 9,045.97; holding firms rose by 0.43% or 25.03 points to 5,743.04; and services inched up by 0.37% or 7.74 points to 2,086.95.
\nMeanwhile, mining and oil fell by 1.09% or 89.42 points to 8,102.52; and financials dropped by 0.18% or 3.66 points to 1,984.21.
\n\u201cGT Capital Holdings, Inc. was the index\u2019s top performer for the day, jumping 4.73% to P620. JG Summit Holdings, Inc. was the worst index performer, plunging 4.17% to P24.15,\u201d Mr. Tantiangco said.
\nValue turnover climbed to P4.98 billion on Tuesday with 607.05 million shares changing hands from the P3.67 billion with 505.37 million issues traded on Monday.
\nDecliners beat advancers, 100 versus 81, while 64 issues were unchanged.
\nNet foreign buying dropped to P121.63 million on Tuesday from P205.66 million on Monday. \u2014 R.M.D. Ochave
\n", "content_text": "PHILIPPINE SHARES closed higher on Tuesday on positive sentiment after the peso returned to the P56 level against the dollar and strong corporate results.\nThe Philippine Stock Exchange index rose by 0.56% or 37.08 points to end at 6,650.44 on Tuesday, while the broader all shares index improved by 0.31% or 11.46 points to finish at 3,610.\n\u201cThe local market bounced back this Tuesday. The peso\u2019s strengthening against the dollar has helped in lifting the market. Investors\u2019 appreciation of second-quarter and first-half corporate results also helped in bringing the market up,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.\nOn Tuesday, the peso closed at P56.96 per dollar, rising by 35.6 centavos from its P57.316 close on Monday, based on Bankers Association of the Philippines data.\nThis was the local unit\u2019s best close in almost four months and was the first time it ended at the P56 level since its P56.808-a-dollar finish on April 15.\n\u201cPhilippine shares rebounded, tracking their Asian peers, as investors continue to take positions ahead of the upcoming BSP (Bangko Sentral ng Pilipinas) meeting this Thursday,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\nA BusinessWorld poll conducted last week showed that nine out of 16 analysts surveyed expect the Monetary Board to deliver a 25-basis-point (bp) rate cut at its meeting on Thursday (Aug. 15), bringing the target reverse repurchase rate to 6.25% from the current over 17-year high of 6.5%.\nOn the other hand, seven others expect the BSP to keep rates steady this week.\nFrom May 2022 to October 2023, the BSP hiked borrowing costs by 450 bps.\n\u201cMeanwhile, Wall Street opened the week with choppy trading as investors awaited key inflation reports that could provide direction after last week\u2019s volatility, driven by a weak jobs report and the unwinding of the yen carry trade,\u201d Mr. Limlingan added.\nMajority of sectoral indices closed higher on Tuesday. Property climbed by 1.69% or 44.13 points to 2,649.16; industrials went up by 0.56% or 50.70 points to 9,045.97; holding firms rose by 0.43% or 25.03 points to 5,743.04; and services inched up by 0.37% or 7.74 points to 2,086.95.\nMeanwhile, mining and oil fell by 1.09% or 89.42 points to 8,102.52; and financials dropped by 0.18% or 3.66 points to 1,984.21.\n\u201cGT Capital Holdings, Inc. was the index\u2019s top performer for the day, jumping 4.73% to P620. JG Summit Holdings, Inc. was the worst index performer, plunging 4.17% to P24.15,\u201d Mr. Tantiangco said.\nValue turnover climbed to P4.98 billion on Tuesday with 607.05 million shares changing hands from the P3.67 billion with 505.37 million issues traded on Monday.\nDecliners beat advancers, 100 versus 81, while 64 issues were unchanged.\nNet foreign buying dropped to P121.63 million on Tuesday from P205.66 million on Monday. \u2014 R.M.D. Ochave", "date_published": "2024-08-13T21:00:02+08:00", "date_modified": "2024-08-13T18:59:14+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2023/03/PSE-stocks-bell.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=613558", "url": "https://www.bworldonline.com/stock-market/2024/08/12/613558/psei-drops-in-cautious-trade-ahead-of-bsp-review/", "title": "PSEi drops in cautious trade ahead of BSP review", "content_html": "PHILIPPINE SHARES closed in the red on Monday as investors stayed on the sidelines ahead of the Bangko Sentral ng Pilipinas\u2019 (BSP) policy meeting on Thursday.
\nThe Philippine Stock Exchange index (PSEi) fell by 0.51% or 34.44 points to end at 6,613.36 on Monday, while the broader all shares index dropped by 0.26% or 9.70 points to finish at 3,598.54.
\n\u201cThe local market declined this Monday as investors took a cautious stance while waiting for the BSP\u2019s policy meeting set this week,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message. \u201cInvestors are seen to be pricing in the possibility that the BSP will still hold policy rates unchanged in light of the recent inflation, labor market, and gross domestic product figures.\u201d
\n\u201cTrading was tepid… as many stayed out amid the uncertainties,\u201d he added. Value turnover went down to P3.67 billion on Monday with 505.37 million shares changing hands from the P6.13 billion with 856.95 million issues traded on Friday.
\nA BusinessWorld poll conducted last week showed that nine out of 16 analysts surveyed expect the Monetary Board to deliver a 25-basis-point (bp) rate cut at its meeting on Thursday (Aug. 15), bringing the target reverse repurchase rate to 6.25% from the current over 17-year high of 6.5%.
\nOn the other hand, seven others expect the BSP to keep rates steady this week.
\nThe last time the BSP reduced rates was in November 2020, when it delivered a 25-bp cut and brought the key rate to 2% to support economic recovery amid the coronavirus pandemic.
\nFrom May 2022 to October 2023, the BSP hiked borrowing costs by 450 bps.
\n\u201cPhilippine investors kept to cash as many awaited the latest results of the MSCI rebalancing which will be out later, while also waiting for the US to kick off their trading week,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\n\u201cIn addition, many will be making bets ahead of the BSP meeting on Thursday, as many are jostling what will be the Monetary Board\u2019s stance with policy rates,\u201d he added.
\nAlmost all sectoral indices closed lower on Monday, with services being the lone gainer, rising by 1.29% or 26.59 points to end at 2,079.21.
\nMining and oil dropped by 1.71% or 143.21 points to 8,191.94; holding firms retreated by 1.52% or 88.56 points to 5,718.01; financials went down by 0.6% or 12.01 points to 1,987.87; property declined by 0.52% or 13.75 points to 2,605.03; and industrials lost 0.28% or 25.29 points to close at 8,995.27.
\n\u201cOf the index members, Century Pacific Food, Inc. was at the top, rising 2.79%. Nickel Asia Corp. was the worst performing index member for the day, plunging 5.07%,\u201d Mr. Tantiangco said.
\nMarket breadth was negative as decliners outnumbered advancers, 105 versus 79, while 52 names closed unchanged.
\nNet foreign buying rose to P205.66 million on Monday from P87.45 million on Friday. \u2014 R.M.D. Ochave
\n", "content_text": "PHILIPPINE SHARES closed in the red on Monday as investors stayed on the sidelines ahead of the Bangko Sentral ng Pilipinas\u2019 (BSP) policy meeting on Thursday.\nThe Philippine Stock Exchange index (PSEi) fell by 0.51% or 34.44 points to end at 6,613.36 on Monday, while the broader all shares index dropped by 0.26% or 9.70 points to finish at 3,598.54.\n\u201cThe local market declined this Monday as investors took a cautious stance while waiting for the BSP\u2019s policy meeting set this week,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message. \u201cInvestors are seen to be pricing in the possibility that the BSP will still hold policy rates unchanged in light of the recent inflation, labor market, and gross domestic product figures.\u201d\n\u201cTrading was tepid… as many stayed out amid the uncertainties,\u201d he added. Value turnover went down to P3.67 billion on Monday with 505.37 million shares changing hands from the P6.13 billion with 856.95 million issues traded on Friday.\nA BusinessWorld poll conducted last week showed that nine out of 16 analysts surveyed expect the Monetary Board to deliver a 25-basis-point (bp) rate cut at its meeting on Thursday (Aug. 15), bringing the target reverse repurchase rate to 6.25% from the current over 17-year high of 6.5%.\nOn the other hand, seven others expect the BSP to keep rates steady this week.\nThe last time the BSP reduced rates was in November 2020, when it delivered a 25-bp cut and brought the key rate to 2% to support economic recovery amid the coronavirus pandemic.\nFrom May 2022 to October 2023, the BSP hiked borrowing costs by 450 bps.\n\u201cPhilippine investors kept to cash as many awaited the latest results of the MSCI rebalancing which will be out later, while also waiting for the US to kick off their trading week,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\n\u201cIn addition, many will be making bets ahead of the BSP meeting on Thursday, as many are jostling what will be the Monetary Board\u2019s stance with policy rates,\u201d he added.\nAlmost all sectoral indices closed lower on Monday, with services being the lone gainer, rising by 1.29% or 26.59 points to end at 2,079.21.\nMining and oil dropped by 1.71% or 143.21 points to 8,191.94; holding firms retreated by 1.52% or 88.56 points to 5,718.01; financials went down by 0.6% or 12.01 points to 1,987.87; property declined by 0.52% or 13.75 points to 2,605.03; and industrials lost 0.28% or 25.29 points to close at 8,995.27.\n\u201cOf the index members, Century Pacific Food, Inc. was at the top, rising 2.79%. Nickel Asia Corp. was the worst performing index member for the day, plunging 5.07%,\u201d Mr. Tantiangco said.\nMarket breadth was negative as decliners outnumbered advancers, 105 versus 79, while 52 names closed unchanged.\nNet foreign buying rose to P205.66 million on Monday from P87.45 million on Friday. \u2014 R.M.D. Ochave", "date_published": "2024-08-12T21:00:04+08:00", "date_modified": "2024-08-12T19:16:47+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2021/08/PSE-720p-2.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=613335", "url": "https://www.bworldonline.com/stock-market/2024/08/11/613335/stocks-to-move-sideways-before-bsp-rate-decision/", "title": "Stocks to move sideways before BSP rate decision", "content_html": "PHILIPPINE STOCKS may move sideways this week as the market awaits the Bangko Sentral ng Pilipinas\u2019 (BSP) policy meeting on Thursday, with a rate cut seen to boost sentiment.\u00a0
\nOn Friday, the bellwether Philippine Stock Exchange index (PSEi) increased by 1.5% or 98.53 points to end at 6,647.80, while the broader all shares index rose by 1.01% or 36.10 points to finish at 3,608.24.
\nWeek on week, the PSEi went up by 0.64% or 42.5 points from its 6,605.30 finish on Aug. 2.
\n\u201cThe local bourse recovered after an early week slump as attention moves to the BSP\u2019s meeting,\u201d online brokerage firm 2TradeAsia.com said in a market note.
\n\u201cThe local market bounced back last week after hitting its 6,400 support level, eventually ending the week with a 0.64% gain… However, trading has remained anemic, as seen in the thin value turnovers,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
\nFor this week, the Philippine central bank\u2019s rate-setting meeting on Aug. 15 (Thursday) will take the spotlight, Mr. Tantiangco said.
\n\u201cA policy rate cut is expected to sustain the local market\u2019s upward momentum, while an unchanged policy rate might lead to a market decline,\u201d he added.
\nAnalysts are divided on the Monetary Board\u2019s rate decision this week as faster headline inflation in July caused BSP Governor Eli M. Remolona, Jr. to take a less dovish policy stance.
\nA BusinessWorld poll showed that nine out of 16 analysts surveyed expect the Monetary Board to deliver a 25-basis-point (bp) rate cut at Thursday\u2019s review.
\nThis would bring the target reverse repurchase rate to 6.25% and would be the first reduction in benchmark borrowing costs since November 2020, or during the coronavirus pandemic.
\nThe BSP has kept its policy rate at an over 17-year high of 6.5% since October 2023 following cumulative hikes worth 450 bps.
\nHeadline inflation accelerated to a nine-month high of 4.4% in July from 3.7% in June, the Philippine Statistics Authority reported last week. This was slower than the 4.7% print in the same month a year ago and was within the BSP\u2019s 4%-4.8% forecast.
\nHowever, this was the fastest in nine months or since the 4.9% clip in October 2023 and also marked the first time since November that inflation exceeded the BSP\u2019s 2-4% annual target.
\nThe Monetary Board is now \u201ca little bit less likely\u201d to cut rates at this week\u2019s policy meeting following the worse-than-expected July inflation print, Mr. Remolona said after the data release.
\n\u201cInvestors are also expected to monitor the developments at Wall Street. A further easing of recession concerns is seen to help in lifting market sentiment while a worsening of the said concerns is expected to weigh on the market,\u201d Mr. Tantiangco added.
\nHe put the PSEi\u2019s support at 6,400 and resistance at 6,700.
\nMeanwhile, 2TradeAsia.com placed the market\u2019s immediate support at 6,400-6,500 and resistance at 6,800. \u2014 R.M.D. Ochave
\n", "content_text": "PHILIPPINE STOCKS may move sideways this week as the market awaits the Bangko Sentral ng Pilipinas\u2019 (BSP) policy meeting on Thursday, with a rate cut seen to boost sentiment.\u00a0\nOn Friday, the bellwether Philippine Stock Exchange index (PSEi) increased by 1.5% or 98.53 points to end at 6,647.80, while the broader all shares index rose by 1.01% or 36.10 points to finish at 3,608.24.\nWeek on week, the PSEi went up by 0.64% or 42.5 points from its 6,605.30 finish on Aug. 2.\n\u201cThe local bourse recovered after an early week slump as attention moves to the BSP\u2019s meeting,\u201d online brokerage firm 2TradeAsia.com said in a market note.\n\u201cThe local market bounced back last week after hitting its 6,400 support level, eventually ending the week with a 0.64% gain… However, trading has remained anemic, as seen in the thin value turnovers,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.\nFor this week, the Philippine central bank\u2019s rate-setting meeting on Aug. 15 (Thursday) will take the spotlight, Mr. Tantiangco said.\n\u201cA policy rate cut is expected to sustain the local market\u2019s upward momentum, while an unchanged policy rate might lead to a market decline,\u201d he added.\nAnalysts are divided on the Monetary Board\u2019s rate decision this week as faster headline inflation in July caused BSP Governor Eli M. Remolona, Jr. to take a less dovish policy stance.\nA BusinessWorld poll showed that nine out of 16 analysts surveyed expect the Monetary Board to deliver a 25-basis-point (bp) rate cut at Thursday\u2019s review.\nThis would bring the target reverse repurchase rate to 6.25% and would be the first reduction in benchmark borrowing costs since November 2020, or during the coronavirus pandemic.\nThe BSP has kept its policy rate at an over 17-year high of 6.5% since October 2023 following cumulative hikes worth 450 bps.\nHeadline inflation accelerated to a nine-month high of 4.4% in July from 3.7% in June, the Philippine Statistics Authority reported last week. This was slower than the 4.7% print in the same month a year ago and was within the BSP\u2019s 4%-4.8% forecast.\nHowever, this was the fastest in nine months or since the 4.9% clip in October 2023 and also marked the first time since November that inflation exceeded the BSP\u2019s 2-4% annual target.\nThe Monetary Board is now \u201ca little bit less likely\u201d to cut rates at this week\u2019s policy meeting following the worse-than-expected July inflation print, Mr. Remolona said after the data release.\n\u201cInvestors are also expected to monitor the developments at Wall Street. A further easing of recession concerns is seen to help in lifting market sentiment while a worsening of the said concerns is expected to weigh on the market,\u201d Mr. Tantiangco added.\nHe put the PSEi\u2019s support at 6,400 and resistance at 6,700.\nMeanwhile, 2TradeAsia.com placed the market\u2019s immediate support at 6,400-6,500 and resistance at 6,800. \u2014 R.M.D. Ochave", "date_published": "2024-08-11T21:00:41+08:00", "date_modified": "2024-08-11T19:00:19+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2022/06/PSE-BGC.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=613010", "url": "https://www.bworldonline.com/stock-market/2024/08/08/613010/phl-stocks-rise-on-faster-q2-economic-growth/", "title": "PHL stocks rise on faster Q2 economic growth", "content_html": "\n
STOCKS continued to climb on Thursday as sentiment got a boost from data showing that Philippine economic growth picked up in the second quarter (Q2).
\nThe Philippine Stock Exchange index (PSEi) inched up by 0.21% or 14.10 points to end at 6,549.27 on Thursday, while the broader all shares index rose by 0.23% or 8.20 points to finish at 3,572.14.
\n\u201cThe local market rose as investors digested the second-quarter gross domestic product (GDP) data which posted an expansion of 6.3%, with strong growth numbers seen in government spending and investment,\u201d Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.
\n\u201cMany cheered the data as it is faster than the first quarter\u2019s 5.8%. It also brought the average GDP growth in the first half to 6%, which is the government\u2019s target for the year,\u201d Mr. Plopenio added.
\nThe government is targeting 6%-7% GDP growth this year. The economy will need to grow by at least 6% again this semester to meet this goal.
\nThe PSEi extended its climb on continued bargain hunting, Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\n\u201cPhilippine shares bucked the trend of the US… US equities dipped on Wednesday as economic concerns, geopolitical conflicts, and the looming November elections kept investors on edge,\u201d Mr.\u00a0Limlingan said.
\nWall Street equity indexes closed lower after Wednesday\u2019s choppy session while a bond auction pushed Treasury yields higher and the dollar rose against the yen after cautious central banker comments, Reuters reported.
\nOn Wall Street, the Dow Jones Industrial Average fell 234.21 points or 0.6% to 38,763.45; the S&P 500 lost 40.53 points or 0.77% to 5,199.50; and the Nasdaq Composite lost 171.05 points or 1.05% to 16,195.81.
\nMSCI\u2019s gauge of stocks across the globe fell 0.35 points or 0.05% to 770.64 after earlier rising to a session high of 783.83.
\nAt home, sectoral indices ended mixed on Thursday. Services rose by 0.89% or 17.99 points to 2,039.23; industrials went up by 0.82% or 73.39 points to 8,984.68; and holding firms climbed by 0.42% or 23.82 points to 5,681.54.
\nMeanwhile, property dropped by 0.59% or 15.50 points to 2,574.61; financials declined by 0.39% or 7.79 points to 1,972.91; and mining and oil fell by 0.27% or 22.25 points to 8,131.56.
\n\u201cAmong the index members, ACEN Corp. was at the top, rising 8.06% to P5.50. Bank of the Philippine Islands was at the bottom, dropping 2.17% to P117.20,\u201d Mr.\u00a0Plopenio said.
\nValue turnover dropped to P4.11 billion on Thursday with 748.38 million shares changing hands from the P4.91 billion with 543.36 million issues traded on Wednesday.
\nAdvancers beat decliners, 106 versus 81, while 41 names closed unchanged.
\nNet foreign buying stood at P7.72 million on Thursday, a turnaround from the P511.99 million in net foreign outflows recorded on Wednesday. \u2014 Revin Mikhael D. Ochave with Reuters
\n", "content_text": "STOCKS continued to climb on Thursday as sentiment got a boost from data showing that Philippine economic growth picked up in the second quarter (Q2).\nThe Philippine Stock Exchange index (PSEi) inched up by 0.21% or 14.10 points to end at 6,549.27 on Thursday, while the broader all shares index rose by 0.23% or 8.20 points to finish at 3,572.14.\n\u201cThe local market rose as investors digested the second-quarter gross domestic product (GDP) data which posted an expansion of 6.3%, with strong growth numbers seen in government spending and investment,\u201d Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.\n\u201cMany cheered the data as it is faster than the first quarter\u2019s 5.8%. It also brought the average GDP growth in the first half to 6%, which is the government\u2019s target for the year,\u201d Mr. Plopenio added.\nThe government is targeting 6%-7% GDP growth this year. The economy will need to grow by at least 6% again this semester to meet this goal.\nThe PSEi extended its climb on continued bargain hunting, Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\n\u201cPhilippine shares bucked the trend of the US… US equities dipped on Wednesday as economic concerns, geopolitical conflicts, and the looming November elections kept investors on edge,\u201d Mr.\u00a0Limlingan said.\nWall Street equity indexes closed lower after Wednesday\u2019s choppy session while a bond auction pushed Treasury yields higher and the dollar rose against the yen after cautious central banker comments, Reuters reported.\nOn Wall Street, the Dow Jones Industrial Average fell 234.21 points or 0.6% to 38,763.45; the S&P 500 lost 40.53 points or 0.77% to 5,199.50; and the Nasdaq Composite lost 171.05 points or 1.05% to 16,195.81.\nMSCI\u2019s gauge of stocks across the globe fell 0.35 points or 0.05% to 770.64 after earlier rising to a session high of 783.83.\nAt home, sectoral indices ended mixed on Thursday. Services rose by 0.89% or 17.99 points to 2,039.23; industrials went up by 0.82% or 73.39 points to 8,984.68; and holding firms climbed by 0.42% or 23.82 points to 5,681.54.\nMeanwhile, property dropped by 0.59% or 15.50 points to 2,574.61; financials declined by 0.39% or 7.79 points to 1,972.91; and mining and oil fell by 0.27% or 22.25 points to 8,131.56.\n\u201cAmong the index members, ACEN Corp. was at the top, rising 8.06% to P5.50. Bank of the Philippine Islands was at the bottom, dropping 2.17% to P117.20,\u201d Mr.\u00a0Plopenio said.\nValue turnover dropped to P4.11 billion on Thursday with 748.38 million shares changing hands from the P4.91 billion with 543.36 million issues traded on Wednesday.\nAdvancers beat decliners, 106 versus 81, while 41 names closed unchanged.\nNet foreign buying stood at P7.72 million on Thursday, a turnaround from the P511.99 million in net foreign outflows recorded on Wednesday. \u2014 Revin Mikhael D. Ochave with Reuters", "date_published": "2024-08-08T21:00:43+08:00", "date_modified": "2024-08-08T19:21:47+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2024/06/PSE-trading-floor.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=612742", "url": "https://www.bworldonline.com/stock-market/2024/08/07/612742/philippine-shares-rebound-on-bargain-hunting/", "title": "Philippine shares rebound on bargain hunting", "content_html": "PHILIPPINE SHARES rebounded on Wednesday, snapping a three-day losing streak, on bargain hunting and following Wall Street\u2019s recovery.
\nThe bellwether Philippine Stock Exchange index (PSEi) rose by 1.58% or 101.93 points to end at 6,535.17 on Wednesday, while the broader all shares index climbed by 1.22% or 43 points to finish at 3,563.94.
\n\u201cThe local market bounced as investors hunted for bargains after a three-day decline. Along with our regional peers, the bourse tracked Wall Street\u2019s rebound overnight,\u201d Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message. \u201cAlso, the strengthening of the local currency against the US dollar boosted sentiment.\u201d
\n\u201cPhilippine shares made a furious comeback following the rally of Asian and US markets, as investors start to make bets ahead of the gross domestic product (GDP) release [on Thursday]. Wall Street snapped its three-day losing streak as investors took a break from recession fears, buoyed by a rally in Japanese equities,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\nAsian share markets extended their rally on Wednesday, led by another bounce in the Nikkei, as the Bank of Japan unexpectedly turned cautious on rate hikes amidst market volatility, which led to a sharp fall in the yen, Reuters reported.
\nThe Nikkei\u2019s 2.3% rise followed Tuesday\u2019s 10% rally, suggesting investors were finding their footing after the recent market rout. The index slumped 13% on Monday. MSCI\u2019s broadest index of Asia-Pacific shares outside Japan jumped 1.4%.
\nThe S&P 500 and the Nasdaq ended 1% higher on Tuesday as investors jumped back into the market a day after a dramatic sell-off, with recent comments by US Federal Reserve officials easing US recession worries. The Dow rose as well, but all three major stock indexes pared gains heading into the close and ended well off their highs of the day.
\nMeanwhile, the peso ended at P57.515 per dollar on Wednesday, strengthening by 29.5 centavos from its P57.81 finish on Tuesday, Bankers Association of the Philippines data showed. This was its best close since the P57.465 on May 16.
\nAll sectoral indices closed higher on Wednesday. Property gained by 3.25% or 81.52 points to end at 2,590.11; services went up by 1.9% or 37.82 points to 2,021.24; mining and oil jumped by 1.61% or 129.72 points to 8,153.81; industrials climbed by 1.24% or 109.48 points to 8,911.29; financials rose by 0.88% or 17.42 points to 1,980.70; and holding firms increased by 0.53% or 29.83 points to 5,657.72.
\nValue turnover went down to P4.91 billion on Wednesday with 543.36 million shares changing hands, from P5.12 billion with 419.01 million issues traded on Tuesday.
\nAdvancers outnumbered decliners, 98 versus 81, while 54 names were unchanged.
\nNet foreign selling dropped to P511.99 million on Wednesday from P635.78 million on Tuesday. \u2014 R.M.D. Ochave with Reuters
\n", "content_text": "PHILIPPINE SHARES rebounded on Wednesday, snapping a three-day losing streak, on bargain hunting and following Wall Street\u2019s recovery.\nThe bellwether Philippine Stock Exchange index (PSEi) rose by 1.58% or 101.93 points to end at 6,535.17 on Wednesday, while the broader all shares index climbed by 1.22% or 43 points to finish at 3,563.94.\n\u201cThe local market bounced as investors hunted for bargains after a three-day decline. Along with our regional peers, the bourse tracked Wall Street\u2019s rebound overnight,\u201d Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message. \u201cAlso, the strengthening of the local currency against the US dollar boosted sentiment.\u201d\n\u201cPhilippine shares made a furious comeback following the rally of Asian and US markets, as investors start to make bets ahead of the gross domestic product (GDP) release [on Thursday]. Wall Street snapped its three-day losing streak as investors took a break from recession fears, buoyed by a rally in Japanese equities,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\nAsian share markets extended their rally on Wednesday, led by another bounce in the Nikkei, as the Bank of Japan unexpectedly turned cautious on rate hikes amidst market volatility, which led to a sharp fall in the yen, Reuters reported.\nThe Nikkei\u2019s 2.3% rise followed Tuesday\u2019s 10% rally, suggesting investors were finding their footing after the recent market rout. The index slumped 13% on Monday. MSCI\u2019s broadest index of Asia-Pacific shares outside Japan jumped 1.4%.\nThe S&P 500 and the Nasdaq ended 1% higher on Tuesday as investors jumped back into the market a day after a dramatic sell-off, with recent comments by US Federal Reserve officials easing US recession worries. The Dow rose as well, but all three major stock indexes pared gains heading into the close and ended well off their highs of the day.\nMeanwhile, the peso ended at P57.515 per dollar on Wednesday, strengthening by 29.5 centavos from its P57.81 finish on Tuesday, Bankers Association of the Philippines data showed. This was its best close since the P57.465 on May 16.\nAll sectoral indices closed higher on Wednesday. Property gained by 3.25% or 81.52 points to end at 2,590.11; services went up by 1.9% or 37.82 points to 2,021.24; mining and oil jumped by 1.61% or 129.72 points to 8,153.81; industrials climbed by 1.24% or 109.48 points to 8,911.29; financials rose by 0.88% or 17.42 points to 1,980.70; and holding firms increased by 0.53% or 29.83 points to 5,657.72.\nValue turnover went down to P4.91 billion on Wednesday with 543.36 million shares changing hands, from P5.12 billion with 419.01 million issues traded on Tuesday.\nAdvancers outnumbered decliners, 98 versus 81, while 54 names were unchanged.\nNet foreign selling dropped to P511.99 million on Wednesday from P635.78 million on Tuesday. \u2014 R.M.D. Ochave with Reuters", "date_published": "2024-08-07T21:00:52+08:00", "date_modified": "2024-08-07T19:03:08+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2023/10/PSE-building.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=612449", "url": "https://www.bworldonline.com/stock-market/2024/08/06/612449/index-inches-lower-on-last-minute-profit-taking/", "title": "Index inches lower on last-minute profit taking", "content_html": "\n
THE BELLWETHER INDEX inched lower on Tuesday due to last-minute profit taking and faster-than-expected July inflation.
\nThe Philippine Stock Exchange index (PSEi) slipped by 0.02% or 1.49 points to end at 6,433.24 on Tuesday, while the broader all shares index rose by 0.12% or 4.47 points to finish at 3,520.94.
\n\u201cThe local bourse inched down… as investors took profits at the last minute. The market was initially trading in the green due to bargain hunting after Monday\u2019s steep decline. However, a surge of last-minute profit taking pushed the market into negative territory,\u201d Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.
\nWall Street\u2019s decline overnight due to US recession fears and the pickup in Philippine headline inflation last month clouded investor sentiment, Mr. Plopenio said.
\n\u201cPhilippine shares ended with flat performance despite a strong rebound early morning as the investors continue to monitor economic data in both US and Japan especially for signs of a global recession,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\nMajor US stock indexes ended sharply lower on Monday as US recession worries shook global markets and drove investors out of risky assets, Reuters reported. The recession concerns followed weak economic data last week, including Friday\u2019s soft US payrolls report.
\nThe S&P 500 lost 160.23 points or 3% to end at 5,186.33 points; while the Nasdaq Composite lost 576.08 points or 3.43% to 16,200.08. The Dow Jones Industrial Average fell 1,033.99 points or 2.6% to 38,703.27.
\nMeanwhile, headline inflation accelerated to a nine-month high of 4.4% in July from 3.7% in June, the Philippine Statistics Authority reported on Tuesday.
\nThis was slower than the 4.7% print in the same month a year ago and was within the Bangko Sentral ng Pilipinas\u2019 (BSP) 4%-4.8% forecast for the month.
\nHowever, this was higher than the 4% median estimate in a BusinessWorld poll of 15 analysts conducted last week and was the fastest in nine months or since the 4.9% clip in October 2023.
\nFor the first seven months, inflation averaged 3.7%, above the BSP\u2019s 3.3% forecast for the year.
\nSectoral indices were mixed on Tuesday. Mining and oil dropped by 1.75% or 143.46 points to 8,024.09; industrials retreated by 0.54% or 47.92 points to 8,801.81; and financials went down by 0.15% or 3.11 points to 1,963.28.
\nMeanwhile, property increased by 0.6% or 14.99 points to 2,508.59; services rose by 0.38% or 7.58 points to 1,983.42; and holding firms went up by 0.09% or 5.44 points to 5,627.89.
\nValue turnover dropped to P5.12 billion on Tuesday with 419.01 million shares changing hands from the P5.64 billion with 638.56 million issues traded on Monday.
\nDecliners outnumbered advancers, 97 versus 84, while 56 names were unchanged.
\nNet foreign selling climbed to P635.78 million on Tuesday from P621.93 million on Monday. \u2014 R.M.D. Ochave with Reuters
\n", "content_text": "THE BELLWETHER INDEX inched lower on Tuesday due to last-minute profit taking and faster-than-expected July inflation. \nThe Philippine Stock Exchange index (PSEi) slipped by 0.02% or 1.49 points to end at 6,433.24 on Tuesday, while the broader all shares index rose by 0.12% or 4.47 points to finish at 3,520.94.\n\u201cThe local bourse inched down… as investors took profits at the last minute. The market was initially trading in the green due to bargain hunting after Monday\u2019s steep decline. However, a surge of last-minute profit taking pushed the market into negative territory,\u201d Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.\nWall Street\u2019s decline overnight due to US recession fears and the pickup in Philippine headline inflation last month clouded investor sentiment, Mr. Plopenio said.\n\u201cPhilippine shares ended with flat performance despite a strong rebound early morning as the investors continue to monitor economic data in both US and Japan especially for signs of a global recession,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\nMajor US stock indexes ended sharply lower on Monday as US recession worries shook global markets and drove investors out of risky assets, Reuters reported. The recession concerns followed weak economic data last week, including Friday\u2019s soft US payrolls report.\nThe S&P 500 lost 160.23 points or 3% to end at 5,186.33 points; while the Nasdaq Composite lost 576.08 points or 3.43% to 16,200.08. The Dow Jones Industrial Average fell 1,033.99 points or 2.6% to 38,703.27.\nMeanwhile, headline inflation accelerated to a nine-month high of 4.4% in July from 3.7% in June, the Philippine Statistics Authority reported on Tuesday.\nThis was slower than the 4.7% print in the same month a year ago and was within the Bangko Sentral ng Pilipinas\u2019 (BSP) 4%-4.8% forecast for the month.\nHowever, this was higher than the 4% median estimate in a BusinessWorld poll of 15 analysts conducted last week and was the fastest in nine months or since the 4.9% clip in October 2023.\nFor the first seven months, inflation averaged 3.7%, above the BSP\u2019s 3.3% forecast for the year.\nSectoral indices were mixed on Tuesday. Mining and oil dropped by 1.75% or 143.46 points to 8,024.09; industrials retreated by 0.54% or 47.92 points to 8,801.81; and financials went down by 0.15% or 3.11 points to 1,963.28.\nMeanwhile, property increased by 0.6% or 14.99 points to 2,508.59; services rose by 0.38% or 7.58 points to 1,983.42; and holding firms went up by 0.09% or 5.44 points to 5,627.89.\nValue turnover dropped to P5.12 billion on Tuesday with 419.01 million shares changing hands from the P5.64 billion with 638.56 million issues traded on Monday.\nDecliners outnumbered advancers, 97 versus 84, while 56 names were unchanged.\nNet foreign selling climbed to P635.78 million on Tuesday from P621.93 million on Monday. \u2014 R.M.D. Ochave with Reuters", "date_published": "2024-08-06T21:00:11+08:00", "date_modified": "2024-08-06T18:41:56+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2022/07/PSE-trading.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=612233", "url": "https://www.bworldonline.com/stock-market/2024/08/05/612233/psei-sinks-to-6400-level-on-us-slowdown-fears/", "title": "PSEi sinks to 6,400 level on US slowdown fears", "content_html": "\n
THE MAIN INDEX sank to the 6,400 level on Monday, hitting an over one-month low, as weak US jobs data stoked recession fears in the world\u2019s largest economy.
\nThe bellwether Philippine Stock Exchange index (PSEi) fell by 2.58% or 170.57 points to close at 6,434.73 on Monday, while the broader all shares index dropped by 2.23% or 80.43 points to finish at 3,516.47.
\nThis was the PSEi\u2019s worst close since it ended at 6,358.96 on July 2.
\n\u201cPhilippine shares fell back to the 6,400 territory as recession fears surrounding the US made investors worry over a hard landing,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\n\u201cTogether with other Asian markets, the local bourse closed at 6,434.73, tumbling by 170.57 points (2.58%), as the disappointing jobs report raised fears that the Federal Reserve\u2019s decision to keep interest rates unchanged could lead to a recession in the US,\u201d Philstocks Financial, Inc. Research Analyst Claire T. Alviar likewise said in a Viber message.
\nStock markets tumbled on Monday and Japanese shares plummeted a gut-wrenching 13% as fears the United States could be heading for recession sent investors rushing from risk while wagering that rapid fire rate cuts will be needed to rescue growth, Reuters reported.
\nJapan\u2019s Nikkei shed a staggering 13% to hit seven-month lows, a scale of losses not seen since the 2011 global financial crisis. MSCI\u2019s broadest index of Asia-Pacific shares outside Japan lost 4.2%.
\nThe worryingly weak July payrolls report saw markets price in a 78% chance the US Federal Reserve will not only cut rates in September, but ease by a full 50 basis points.
\n\u201cSentiment was further dampened as the inflation rate in July could potentially be higher than the preceding month\u2019s figure,\u201d Ms. Alviar added.
\nA BusinessWorld poll of 15 analysts yielded a median estimate of 4% for the July consumer price index. This matched the lower end of the Bangko Sentral ng Pilipinas\u2019 forecast.
\nIf realized, July inflation would be faster than 3.7% in June but slower than 4.7% a year earlier.
\nThe Philippine Statistics Authority will release July inflation data today (Aug. 6).
\nAll sectoral indices closed lower on Monday. Industrials dropped by 3.52% or 323.61 points to 8,849.73; property declined by 3.34% or 86.39 points to 2,493.60; mining and oil went down by 2.64% or 221.73 points to 8,167.55; holding firms slumped by 2.44% or 140.63 points to 5,622.45; financials retreated by 2.21% or 44.56 points to 1,966.39; and services lost 1.29% or 25.99 points to end at 1,975.84.
\nValue turnover rose to P5.64 billion on Monday with 638.56 million shares changing hands from the P4.98 billion with 529.96 million issues traded on Friday.
\nDecliners overwhelmed advancers, 175 versus 34, while 45 names were unchanged.
\nNet foreign selling climbed to P621.93 million on Monday from P189.04 million on Friday. \u2014 R.M.D. Ochave with Reuters
\n", "content_text": "THE MAIN INDEX sank to the 6,400 level on Monday, hitting an over one-month low, as weak US jobs data stoked recession fears in the world\u2019s largest economy.\nThe bellwether Philippine Stock Exchange index (PSEi) fell by 2.58% or 170.57 points to close at 6,434.73 on Monday, while the broader all shares index dropped by 2.23% or 80.43 points to finish at 3,516.47.\nThis was the PSEi\u2019s worst close since it ended at 6,358.96 on July 2.\n\u201cPhilippine shares fell back to the 6,400 territory as recession fears surrounding the US made investors worry over a hard landing,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\n\u201cTogether with other Asian markets, the local bourse closed at 6,434.73, tumbling by 170.57 points (2.58%), as the disappointing jobs report raised fears that the Federal Reserve\u2019s decision to keep interest rates unchanged could lead to a recession in the US,\u201d Philstocks Financial, Inc. Research Analyst Claire T. Alviar likewise said in a Viber message.\nStock markets tumbled on Monday and Japanese shares plummeted a gut-wrenching 13% as fears the United States could be heading for recession sent investors rushing from risk while wagering that rapid fire rate cuts will be needed to rescue growth, Reuters reported.\nJapan\u2019s Nikkei shed a staggering 13% to hit seven-month lows, a scale of losses not seen since the 2011 global financial crisis. MSCI\u2019s broadest index of Asia-Pacific shares outside Japan lost 4.2%.\nThe worryingly weak July payrolls report saw markets price in a 78% chance the US Federal Reserve will not only cut rates in September, but ease by a full 50 basis points.\n\u201cSentiment was further dampened as the inflation rate in July could potentially be higher than the preceding month\u2019s figure,\u201d Ms. Alviar added.\nA BusinessWorld poll of 15 analysts yielded a median estimate of 4% for the July consumer price index. This matched the lower end of the Bangko Sentral ng Pilipinas\u2019 forecast.\nIf realized, July inflation would be faster than 3.7% in June but slower than 4.7% a year earlier.\nThe Philippine Statistics Authority will release July inflation data today (Aug. 6).\nAll sectoral indices closed lower on Monday. Industrials dropped by 3.52% or 323.61 points to 8,849.73; property declined by 3.34% or 86.39 points to 2,493.60; mining and oil went down by 2.64% or 221.73 points to 8,167.55; holding firms slumped by 2.44% or 140.63 points to 5,622.45; financials retreated by 2.21% or 44.56 points to 1,966.39; and services lost 1.29% or 25.99 points to end at 1,975.84.\nValue turnover rose to P5.64 billion on Monday with 638.56 million shares changing hands from the P4.98 billion with 529.96 million issues traded on Friday.\nDecliners overwhelmed advancers, 175 versus 34, while 45 names were unchanged.\nNet foreign selling climbed to P621.93 million on Monday from P189.04 million on Friday. \u2014 R.M.D. Ochave with Reuters", "date_published": "2024-08-05T21:00:48+08:00", "date_modified": "2024-08-05T18:53:36+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2022/02/SF_PSE-BGC-bell-042618-768x419-OL.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=611982", "url": "https://www.bworldonline.com/stock-market/2024/08/04/611982/stocks-to-rise-as-market-awaits-bsp-fed-easing/", "title": "Stocks to rise as market awaits BSP, Fed easing", "content_html": "PHILIPPINE SHARES are expected to climb this week amid growing expectations of benchmark interest rate cuts from both the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve.
\nOn Friday, the bellwether Philippine Stock Exchange index (PSEi) fell by 1.32% or 88.53 points to end at 6,605.30, while the broader all shares index retreated by 0.88% or 32.28 points to finish at 3,596.90.
\nWeek on week, the PSEi dropped by 1.79% or 120.71 points from its 6,726.01 close on July 26.
\n\u201cThe local market extended its decline to a second week, shedding 1.79% after failing to take its 6,700-6,800 resistance range,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
\n\u201cOn a positive note, the market remains above its 50-day and 200-day exponential moving averages. Trading remains tepid, however, as many are still on the sidelines,\u201d he added.
\nFor this week, Philippine stocks may rise on bargain hunting amid expectations of lower borrowing costs, Mr. Tantiangco said.
\n\u201cGrowing hopes of monetary easing in the Philippines and the United States soon following recent dovish cues from both the BSP and the Federal Reserve may help the market climb this week,\u201d he said. \u201cHowever, the recession fears in the US, if it lingers this week, are seen as a downside risk to the local bourse.\u201d
\nBSP Governor Eli M. Remolona, Jr. last week said that they could cut benchmark rates by 25 basis points (bps) at their Aug. 15 meeting, and by another 25 bps later in the year.
\nThe BSP has kept its policy rate at a 17-year high of 6.5% since October 2023.
\nMeanwhile, employers added just 114,000 jobs in July, the US Labor department reported, and the unemployment rate rose to 4.3%, from 4.1% in June, marking an unexpected deterioration in a labor market that had held up surprisingly well during the US Federal Reserve\u2019s aggressive rate-hike campaign in 2022 and 2023, Reuters reported.
\nThe data prompted traders to pile into bets that the Fed will deliver a half-percentage-point rate cut at its Sept. 17-18 meeting, and drive borrowing costs down further from there, with the policy rate expected to end 2024 in the 4%-4.25% range.
\n\u201cInvestors may also take cues from our upcoming macroeconomic data including the July inflation rate, June labor force survey, and second-quarter gross domestic product. Investors are also expected to continue monitoring corporate results,\u201d Mr. Tantiangco said.
\n\u201cPhilippine inflation to be released on Aug. 6 is expected to pick up in July from 3.7% in June, largely due to massive damage by Typhoon Carina, though offset by lower tariffs that effectively provided a 20% discounted on imported rice,\u201d Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail.
\nFor its part, online brokerage 2TradeAsia.com said in a market note that the PSEi\u2019s immediate support is at 6,600-6,650 and resistance is at 6,900. \u2014 Revin Mikhael D. Ochave with Reuters
\n", "content_text": "PHILIPPINE SHARES are expected to climb this week amid growing expectations of benchmark interest rate cuts from both the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve.\nOn Friday, the bellwether Philippine Stock Exchange index (PSEi) fell by 1.32% or 88.53 points to end at 6,605.30, while the broader all shares index retreated by 0.88% or 32.28 points to finish at 3,596.90.\nWeek on week, the PSEi dropped by 1.79% or 120.71 points from its 6,726.01 close on July 26.\n\u201cThe local market extended its decline to a second week, shedding 1.79% after failing to take its 6,700-6,800 resistance range,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.\n\u201cOn a positive note, the market remains above its 50-day and 200-day exponential moving averages. Trading remains tepid, however, as many are still on the sidelines,\u201d he added.\nFor this week, Philippine stocks may rise on bargain hunting amid expectations of lower borrowing costs, Mr. Tantiangco said.\n\u201cGrowing hopes of monetary easing in the Philippines and the United States soon following recent dovish cues from both the BSP and the Federal Reserve may help the market climb this week,\u201d he said. \u201cHowever, the recession fears in the US, if it lingers this week, are seen as a downside risk to the local bourse.\u201d\nBSP Governor Eli M. Remolona, Jr. last week said that they could cut benchmark rates by 25 basis points (bps) at their Aug. 15 meeting, and by another 25 bps later in the year.\nThe BSP has kept its policy rate at a 17-year high of 6.5% since October 2023.\nMeanwhile, employers added just 114,000 jobs in July, the US Labor department reported, and the unemployment rate rose to 4.3%, from 4.1% in June, marking an unexpected deterioration in a labor market that had held up surprisingly well during the US Federal Reserve\u2019s aggressive rate-hike campaign in 2022 and 2023, Reuters reported.\nThe data prompted traders to pile into bets that the Fed will deliver a half-percentage-point rate cut at its Sept. 17-18 meeting, and drive borrowing costs down further from there, with the policy rate expected to end 2024 in the 4%-4.25% range.\n\u201cInvestors may also take cues from our upcoming macroeconomic data including the July inflation rate, June labor force survey, and second-quarter gross domestic product. Investors are also expected to continue monitoring corporate results,\u201d Mr. Tantiangco said.\n\u201cPhilippine inflation to be released on Aug. 6 is expected to pick up in July from 3.7% in June, largely due to massive damage by Typhoon Carina, though offset by lower tariffs that effectively provided a 20% discounted on imported rice,\u201d Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail.\nFor its part, online brokerage 2TradeAsia.com said in a market note that the PSEi\u2019s immediate support is at 6,600-6,650 and resistance is at 6,900. \u2014 Revin Mikhael D. Ochave with Reuters", "date_published": "2024-08-04T21:00:15+08:00", "date_modified": "2024-08-04T18:08:50+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2023/09/PSE.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=611707", "url": "https://www.bworldonline.com/stock-market/2024/08/01/611707/psei-climbs-as-powell-hints-at-september-fed-cut/", "title": "PSEi climbs as Powell hints at September Fed cut", "content_html": "PHILIPPINE STOCKS rose further on Thursday after the US Federal Reserve hinted at a September rate cut.
\nThe Philippine Stock Exchange index (PSEi) went up by 1.12% or 74.74 points to end at 6,693.83 on Thursday, while the broader all shares index climbed by 0.87% or 31.47 points to finish at 3,629.18.
\n\u201cThe local market rose as investors took positive cues from Wall Street overnight as the Fed signaled that a rate cut in September could be possible. A rate cut by the Fed is seen to somehow give more room for the Bangko Sentral ng Pilipinas to ease its own policy,\u201d Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.
\n\u201cPhilippine shares started the month with bargain hunting following the sentiment of Fed meeting. Gains were influenced by Fed Chair Jerome H. Powell signaling the possibility of an interest rate cut at the next meeting if data continues to show easing inflation,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\nMr. Powell said on Wednesday interest rates could be cut as soon as September if the US economy follows its expected path, putting the central bank near the end of a more than two-year battle against inflation but square in the middle of the nation\u2019s presidential election campaign, Reuters reported.
\nThe Fed ended its latest two-day policy meeting with a decision to hold its benchmark interest rate steady in the 5.25%-5.5% range that was set a year ago, but its statement softened the description of inflation and said the risks to employment were now on a par with those of rising prices \u2014 neutral language that opens the door for rates to fall after more than two years of tightening credit.
\nMr. Powell pushed the message even further forward in his post-meeting press conference, noting that price pressures were now easing broadly in the economy \u2014 what he called \u201cquality\u201d disinflation \u2014 and that if coming data evolves as anticipated, support for cutting rates will grow.
\nInvestors saw Mr. Powell\u2019s comments as clearly setting the stage for a reduction in borrowing costs at the Fed\u2019s Sept. 17-18 meeting.
\nAll sectoral indices ended higher on Thursday. Financials gained by 2.75% or 54.75 points to end at 2,045.02; mining and oil increased by 1.7% or 141.70 points to 8,463.79; property went up by 1.34% or 34.68 points to 2,608.93; services climbed by 1.23% or 24.91 points to 2,042.16; holding firms rose by 0.31% or 18.06 points to 5,794.83; and industrials added 0.06% or 5.66 points to close at 9,274.82.
\nValue turnover fell to P4.39 billion on Thursday with 449.8 million shares changing hands from the P5.62 billion with 421.19 million issues traded on Wednesday.
\nAdvancers beat decliners, 104 versus 75, while 50 issues ended unchanged.
\nNet foreign selling rose to P42.78 million on Thursday from P19.79 million on Wednesday. \u2014 R.M.D. Ochave with Reuters
\n", "content_text": "PHILIPPINE STOCKS rose further on Thursday after the US Federal Reserve hinted at a September rate cut.\nThe Philippine Stock Exchange index (PSEi) went up by 1.12% or 74.74 points to end at 6,693.83 on Thursday, while the broader all shares index climbed by 0.87% or 31.47 points to finish at 3,629.18.\n\u201cThe local market rose as investors took positive cues from Wall Street overnight as the Fed signaled that a rate cut in September could be possible. A rate cut by the Fed is seen to somehow give more room for the Bangko Sentral ng Pilipinas to ease its own policy,\u201d Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.\n\u201cPhilippine shares started the month with bargain hunting following the sentiment of Fed meeting. Gains were influenced by Fed Chair Jerome H. Powell signaling the possibility of an interest rate cut at the next meeting if data continues to show easing inflation,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\nMr. Powell said on Wednesday interest rates could be cut as soon as September if the US economy follows its expected path, putting the central bank near the end of a more than two-year battle against inflation but square in the middle of the nation\u2019s presidential election campaign, Reuters reported.\nThe Fed ended its latest two-day policy meeting with a decision to hold its benchmark interest rate steady in the 5.25%-5.5% range that was set a year ago, but its statement softened the description of inflation and said the risks to employment were now on a par with those of rising prices \u2014 neutral language that opens the door for rates to fall after more than two years of tightening credit.\nMr. Powell pushed the message even further forward in his post-meeting press conference, noting that price pressures were now easing broadly in the economy \u2014 what he called \u201cquality\u201d disinflation \u2014 and that if coming data evolves as anticipated, support for cutting rates will grow.\nInvestors saw Mr. Powell\u2019s comments as clearly setting the stage for a reduction in borrowing costs at the Fed\u2019s Sept. 17-18 meeting.\nAll sectoral indices ended higher on Thursday. Financials gained by 2.75% or 54.75 points to end at 2,045.02; mining and oil increased by 1.7% or 141.70 points to 8,463.79; property went up by 1.34% or 34.68 points to 2,608.93; services climbed by 1.23% or 24.91 points to 2,042.16; holding firms rose by 0.31% or 18.06 points to 5,794.83; and industrials added 0.06% or 5.66 points to close at 9,274.82.\nValue turnover fell to P4.39 billion on Thursday with 449.8 million shares changing hands from the P5.62 billion with 421.19 million issues traded on Wednesday.\nAdvancers beat decliners, 104 versus 75, while 50 issues ended unchanged.\nNet foreign selling rose to P42.78 million on Thursday from P19.79 million on Wednesday. \u2014 R.M.D. Ochave with Reuters", "date_published": "2024-08-01T21:00:07+08:00", "date_modified": "2024-08-01T18:38:02+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2022/07/PSE-trading-floor-traders.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=611438", "url": "https://www.bworldonline.com/stock-market/2024/07/31/611438/phl-shares-up-as-market-awaits-fed-statement/", "title": "PHL shares up as market awaits Fed statement", "content_html": "PHILIPPINE SHARES rebounded on Wednesday on bargain hunting as investors awaited the outcome of the US Federal Reserve\u2019s policy meeting, which was set to be announced overnight.
\nThe Philippine Stock Exchange index (PSEi) rose by 0.19% or 12.73 points to end at 6,619.09 on Wednesday, while the broader all shares index gained by 0.27% or 9.94 points to close at 3,597.71.
\n\u201cAlong with our Asian peers, the local bourse gained as investors bought bargains after the two consecutive days of market decline,\u201d Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.
\n\u201cInvestors were also awaiting the Fed\u2019s meeting to gauge the future direction of interest rates and to know how dovish the Fed\u2019s stance might be,\u201d she added.
\nAsian indexes ended higher on Wednesday after the Bank of Japan raised interest rates in a mostly unexpected hawkish pivot, sparking gains for the Japanese yen, Reuters reported.
\nMSCI\u2019s broadest index of Asia-Pacific shares outside Japan added over 1%, with Japan\u2019s benchmark Nikkei closing up 1.5% at its highest for a week.
\nA Federal Reserve rate decision is due later in the day, with markets expecting the US central bank to stand pat on rates but indicate cuts are on the way.
\nMarkets are fully pricing in a Fed rate cut of 25 basis points (bps) in September, with roughly 68 bps of easing priced in for the year.
\n\u201cPhilippine shares closed modestly higher following consecutive sessions of profit taking to close the month of July. Price action got a boost from Wall Street as traders rotated out of mega-cap technology stocks and braced for the Fed\u2019s monetary policy decision,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan added in a Viber message.
\n\u201cAccording to CME\u2019s FedWatch Tool, Fed funds futures indicate a strong likelihood that central bankers will keep rates steady at the 5.25% to 5.5% range. However, traders will primarily be watching for any hints from [Fed Chair Jerome H.] Powell about potential rate cuts in the near future,\u201d he said.
\nAlmost all sectoral indices closed higher, with property being the lone decliner, dropping by 1.24% or 32.37 points to 2,574.25.
\nMeanwhile, mining and oil rose by 1.66% or 136.23 points to 8,322.09; industrials increased by 0.98% or 90.02 points to 9,269.16; services went up by 0.8% or 16.10 points to 2,017.25; holding firms added 0.38% or 22.20 points to end at 5,776.77; and financials climbed by 0.07% or 1.55 points to 1,990.27.
\n\u201cAmong the index members, ACEN Corp. was at the top, increasing by 4.77%, while Wilcon Depot, Inc. was at the bottom, losing 2.23%,\u201d Ms. Alviar said.
\nValue turnover rose to P5.62 billion on Wednesday with 421.19 million shares changing hands from the P4.63 billion with 739.53 million issues traded on Tuesday.
\nAdvancers beat decliners, 92 to 86, while 63 issues were unchanged.
\nNet foreign selling went down to P19.79 million on Wednesday from P607.78 million on Tuesday. \u2014 R.M.D. Ochave with Reuters
\n", "content_text": "PHILIPPINE SHARES rebounded on Wednesday on bargain hunting as investors awaited the outcome of the US Federal Reserve\u2019s policy meeting, which was set to be announced overnight.\nThe Philippine Stock Exchange index (PSEi) rose by 0.19% or 12.73 points to end at 6,619.09 on Wednesday, while the broader all shares index gained by 0.27% or 9.94 points to close at 3,597.71.\n\u201cAlong with our Asian peers, the local bourse gained as investors bought bargains after the two consecutive days of market decline,\u201d Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.\n\u201cInvestors were also awaiting the Fed\u2019s meeting to gauge the future direction of interest rates and to know how dovish the Fed\u2019s stance might be,\u201d she added.\nAsian indexes ended higher on Wednesday after the Bank of Japan raised interest rates in a mostly unexpected hawkish pivot, sparking gains for the Japanese yen, Reuters reported.\nMSCI\u2019s broadest index of Asia-Pacific shares outside Japan added over 1%, with Japan\u2019s benchmark Nikkei closing up 1.5% at its highest for a week.\nA Federal Reserve rate decision is due later in the day, with markets expecting the US central bank to stand pat on rates but indicate cuts are on the way.\nMarkets are fully pricing in a Fed rate cut of 25 basis points (bps) in September, with roughly 68 bps of easing priced in for the year.\n\u201cPhilippine shares closed modestly higher following consecutive sessions of profit taking to close the month of July. Price action got a boost from Wall Street as traders rotated out of mega-cap technology stocks and braced for the Fed\u2019s monetary policy decision,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan added in a Viber message.\n\u201cAccording to CME\u2019s FedWatch Tool, Fed funds futures indicate a strong likelihood that central bankers will keep rates steady at the 5.25% to 5.5% range. However, traders will primarily be watching for any hints from [Fed Chair Jerome H.] Powell about potential rate cuts in the near future,\u201d he said.\nAlmost all sectoral indices closed higher, with property being the lone decliner, dropping by 1.24% or 32.37 points to 2,574.25.\nMeanwhile, mining and oil rose by 1.66% or 136.23 points to 8,322.09; industrials increased by 0.98% or 90.02 points to 9,269.16; services went up by 0.8% or 16.10 points to 2,017.25; holding firms added 0.38% or 22.20 points to end at 5,776.77; and financials climbed by 0.07% or 1.55 points to 1,990.27.\n\u201cAmong the index members, ACEN Corp. was at the top, increasing by 4.77%, while Wilcon Depot, Inc. was at the bottom, losing 2.23%,\u201d Ms. Alviar said.\nValue turnover rose to P5.62 billion on Wednesday with 421.19 million shares changing hands from the P4.63 billion with 739.53 million issues traded on Tuesday.\nAdvancers beat decliners, 92 to 86, while 63 issues were unchanged.\nNet foreign selling went down to P19.79 million on Wednesday from P607.78 million on Tuesday. \u2014 R.M.D. Ochave with Reuters", "date_published": "2024-07-31T21:00:16+08:00", "date_modified": "2024-07-31T18:47:59+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2021/08/PSE-bell-1.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=611172", "url": "https://www.bworldonline.com/stock-market/2024/07/30/611172/stocks-drop-further-on-worries-over-peso-debt/", "title": "Stocks drop further on worries over peso, debt", "content_html": "PHILIPPINE STOCKS slumped for the second straight day on Tuesday as investor sentiment turned negative due to a weaker peso and expectations that the government\u2019s outstanding debt will continue to increase.
\nThe Philippine Stock Exchange index (PSEi) fell by 0.64% or 42.87 points to end at 6,606.36 on Tuesday, while the broader all shares index dropped by 0.48% or 17.56 points to close at 3,587.77.
\n\u201cThe local market dropped as investors worry over the local currency, which has been showing signs of weakening against the dollar,\u201d Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.
\nThe peso closed at P58.645 per dollar on Tuesday, down by 13.4 centavos from its P58.511 finish on Monday, based on data from the Bankers Association of the Philippines. This marked its weakest close in almost a month or since its P58.725-per-dollar finish on July 3.
\n\u201cThe Department of Budget and Management\u2019s projection that the national debt will increase by 8.08% year on year to P17.35 trillion by end-2025 weighed on sentiment,\u201d Mr. Plopenio added.
\nThe bulk of the projected end-2025 total will come from outstanding domestic debt, which is seen to increase by 9.64% to P11.98 trillion from P10.92 trillion by end-2024.
\nOutstanding external debt is also forecasted to climb by 4.76% to P5.38 trillion by end-2025 from P5.13 trillion by end-2024.
\n\u201cPhilippines shares closed near the 6,600 mark following the mixed session of the United States as fund managers continue to sell before the closing of the month, which saw July rise substantially,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\n\u201cThe Fed\u2019s two-day meeting begins Tuesday, where Fed Chief Jerome H. Powell may signal upcoming rate cuts. Investors are awaiting the Fed meeting, which could influence the Bangko Sentral ng Pilipinas\u2019 rate decision,\u201d he added.
\nMajority of sectoral indices closed lower on Tuesday. Financials dropped by 1.61% or 32.65 points to 1,988.72; property declined by 1.28% or 33.94 points to 2,606.62; mining and oil retreated by 0.81% or 67.41 points to 8,185.86; and holding firms went down by 0.65% or 37.67 points to 5,754.57.
\nMeanwhile, services rose by 0.54% or 10.92 points to 2,001.15, and industrials went up by 0.05% or 4.64 points to 9,179.14.
\n\u201cAmong the index members, Alliance Global Group, Inc. was at the top, climbing 3.13% to P8.90. Ayala Land, Inc. lost the most, dropping 2.91% to P30.05,\u201d Mr. Plopenio said.
\nValue turnover fell to P4.63 billion on Tuesday with 739.53 million shares changing hands from the P5.06 billion with 658.32 million issues traded on Monday.
\nDecliners outnumbered advancers, 118 versus 74, while 43 names were unchanged.
\nNet foreign selling rose to P607.78 million on Tuesday from P500.34 million on Monday. \u2014 Revin Mikhael D. Ochave
\n", "content_text": "PHILIPPINE STOCKS slumped for the second straight day on Tuesday as investor sentiment turned negative due to a weaker peso and expectations that the government\u2019s outstanding debt will continue to increase.\nThe Philippine Stock Exchange index (PSEi) fell by 0.64% or 42.87 points to end at 6,606.36 on Tuesday, while the broader all shares index dropped by 0.48% or 17.56 points to close at 3,587.77.\n\u201cThe local market dropped as investors worry over the local currency, which has been showing signs of weakening against the dollar,\u201d Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.\nThe peso closed at P58.645 per dollar on Tuesday, down by 13.4 centavos from its P58.511 finish on Monday, based on data from the Bankers Association of the Philippines. This marked its weakest close in almost a month or since its P58.725-per-dollar finish on July 3.\n\u201cThe Department of Budget and Management\u2019s projection that the national debt will increase by 8.08% year on year to P17.35 trillion by end-2025 weighed on sentiment,\u201d Mr. Plopenio added.\nThe bulk of the projected end-2025 total will come from outstanding domestic debt, which is seen to increase by 9.64% to P11.98 trillion from P10.92 trillion by end-2024.\nOutstanding external debt is also forecasted to climb by 4.76% to P5.38 trillion by end-2025 from P5.13 trillion by end-2024.\n\u201cPhilippines shares closed near the 6,600 mark following the mixed session of the United States as fund managers continue to sell before the closing of the month, which saw July rise substantially,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\n\u201cThe Fed\u2019s two-day meeting begins Tuesday, where Fed Chief Jerome H. Powell may signal upcoming rate cuts. Investors are awaiting the Fed meeting, which could influence the Bangko Sentral ng Pilipinas\u2019 rate decision,\u201d he added.\nMajority of sectoral indices closed lower on Tuesday. Financials dropped by 1.61% or 32.65 points to 1,988.72; property declined by 1.28% or 33.94 points to 2,606.62; mining and oil retreated by 0.81% or 67.41 points to 8,185.86; and holding firms went down by 0.65% or 37.67 points to 5,754.57.\nMeanwhile, services rose by 0.54% or 10.92 points to 2,001.15, and industrials went up by 0.05% or 4.64 points to 9,179.14.\n\u201cAmong the index members, Alliance Global Group, Inc. was at the top, climbing 3.13% to P8.90. Ayala Land, Inc. lost the most, dropping 2.91% to P30.05,\u201d Mr. Plopenio said.\nValue turnover fell to P4.63 billion on Tuesday with 739.53 million shares changing hands from the P5.06 billion with 658.32 million issues traded on Monday.\nDecliners outnumbered advancers, 118 versus 74, while 43 names were unchanged.\nNet foreign selling rose to P607.78 million on Tuesday from P500.34 million on Monday. \u2014 Revin Mikhael D. Ochave", "date_published": "2024-07-30T21:00:56+08:00", "date_modified": "2024-07-30T19:12:15+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2021/08/PSE-board.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=610876", "url": "https://www.bworldonline.com/stock-market/2024/07/29/610876/phl-shares-end-lower-on-profit-taking-before-fed/", "title": "PHL shares end lower on profit taking before Fed", "content_html": "PHILIPPINE SHARES ended in the red on Monday as investors booked profits ahead of the US Federal Reserve\u2019s upcoming policy meeting and amid the absence of catalysts.
\nThe bellwether Philippine Stock Exchange index (PSEi) fell by 1.14% or 76.78 points to end at 6,649.23 on Monday, while the broader all shares index dropped by 0.68% or 24.77 points to close at 3,605.33.
\n\u201cThe local bourse lost due to the lack of a strong catalyst. Foreign investors weighed on the market,\u201d Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.
\nNet foreign selling totaled P500.34 million on Monday, a reversal of the P78.98 million in net buying recorded on Friday.
\n\u201cInvestors were waiting for the Federal Reserve meeting, which could influence the Bangko Sentral ng Pilipinas\u2019 (BSP) decision regarding interest rates. Chart-wise, the market\u2019s resistance was still pegged at 6,700-6,800, and it seemed the market is struggling to break and stay above this level,\u201d Ms. Alviar added.
\nThe Fed is widely expected to keep its target rate at the current 5.25%-5.5% range for the eighth straight time at their July 30-31 meeting.
\nAfter a benign June inflation report, markets are wagering that the Fed will lay the groundwork for a September rate cut at its policy meeting on Wednesday, Reuters reported.
\nFutures are fully priced for a quarter-point easing and even imply a 12% chance of 50 basis points (bps), and have 68 bps of easing priced in by December.
\nMeanwhile, the BSP is set to hold its own review on Aug. 15, where it is expected to deliver its first rate cut in over three years.
\n\u201cPhilippine shares succumbed to profit taking before the month\u2019s end as investors looked to cash in after July saw a substantial rise in the index,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\n\u201cFunds are also gearing up for another data-heavy week, with more company earnings coming in as well,\u201d he said.
\nAlmost all sectoral indices ended lower on Monday, with industrials being the lone gainer, rising by 0.16% or 14.9 points to 9,174.50.
\nMeanwhile, financials retreated by 2.65% or 55.08 points to 2,021.37; mining and oil dropped by 1.18% or 98.57 points to 8,253.27; property went down by 0.89% or 23.91 points to 2,640.56; services declined by 0.84% or 16.95 points to 1,990.23; and holding firms decreased by 0.51% or 29.98 points to 5,792.24.
\n\u201cAmong the index members, ACEN Corp. achieved the top spot, surging by 6.19%, while Bloomberry Resorts Corp. was at the bottom, losing 4.56%,\u201d Ms. Alviar said.
\nValue turnover rose to P5.06 billion on Monday with 658.32 million shares changing hands from the P4.37 billion with 924.21 million issues traded on Friday.
\nDecliners outnumbered advancers, 105 versus 83, while 55 names ended unchanged. \u2014 R.M.D. Ochave with Reuters
\n", "content_text": "PHILIPPINE SHARES ended in the red on Monday as investors booked profits ahead of the US Federal Reserve\u2019s upcoming policy meeting and amid the absence of catalysts.\nThe bellwether Philippine Stock Exchange index (PSEi) fell by 1.14% or 76.78 points to end at 6,649.23 on Monday, while the broader all shares index dropped by 0.68% or 24.77 points to close at 3,605.33.\n\u201cThe local bourse lost due to the lack of a strong catalyst. Foreign investors weighed on the market,\u201d Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.\nNet foreign selling totaled P500.34 million on Monday, a reversal of the P78.98 million in net buying recorded on Friday.\n\u201cInvestors were waiting for the Federal Reserve meeting, which could influence the Bangko Sentral ng Pilipinas\u2019 (BSP) decision regarding interest rates. Chart-wise, the market\u2019s resistance was still pegged at 6,700-6,800, and it seemed the market is struggling to break and stay above this level,\u201d Ms. Alviar added.\nThe Fed is widely expected to keep its target rate at the current 5.25%-5.5% range for the eighth straight time at their July 30-31 meeting.\nAfter a benign June inflation report, markets are wagering that the Fed will lay the groundwork for a September rate cut at its policy meeting on Wednesday, Reuters reported.\nFutures are fully priced for a quarter-point easing and even imply a 12% chance of 50 basis points (bps), and have 68 bps of easing priced in by December.\nMeanwhile, the BSP is set to hold its own review on Aug. 15, where it is expected to deliver its first rate cut in over three years.\n\u201cPhilippine shares succumbed to profit taking before the month\u2019s end as investors looked to cash in after July saw a substantial rise in the index,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\n\u201cFunds are also gearing up for another data-heavy week, with more company earnings coming in as well,\u201d he said.\nAlmost all sectoral indices ended lower on Monday, with industrials being the lone gainer, rising by 0.16% or 14.9 points to 9,174.50.\nMeanwhile, financials retreated by 2.65% or 55.08 points to 2,021.37; mining and oil dropped by 1.18% or 98.57 points to 8,253.27; property went down by 0.89% or 23.91 points to 2,640.56; services declined by 0.84% or 16.95 points to 1,990.23; and holding firms decreased by 0.51% or 29.98 points to 5,792.24.\n\u201cAmong the index members, ACEN Corp. achieved the top spot, surging by 6.19%, while Bloomberry Resorts Corp. was at the bottom, losing 4.56%,\u201d Ms. Alviar said.\nValue turnover rose to P5.06 billion on Monday with 658.32 million shares changing hands from the P4.37 billion with 924.21 million issues traded on Friday.\nDecliners outnumbered advancers, 105 versus 83, while 55 names ended unchanged. \u2014 R.M.D. Ochave with Reuters", "date_published": "2024-07-29T21:00:58+08:00", "date_modified": "2024-07-29T18:42:29+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2023/03/PSE-stocks-bell.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=610588", "url": "https://www.bworldonline.com/stock-market/2024/07/28/610588/stocks-to-move-sideways-with-fed-meet-in-focus/", "title": "Stocks to move sideways with Fed meet in focus", "content_html": "PHILIPPINE SHARES may move sideways this week ahead of the US Federal Reserve\u2019s policy meeting as investors await clarity on the path of monetary easing in the world\u2019s largest economy.
\nOn Friday, the Philippine Stock Exchange index (PSEi) rose by 0.83% or 55.74 points to end at 6,726.01, while the broader all shares index gained by 0.64% or 23.29 points to close at 3,630.10.
\nWeek on week, however, the PSEi dropped by 0.97% or 65.68 points from its 6,791.69 finish on July 19.
\nTrading at the stock market was disrupted last week as Super Typhoon Carina (international name: Gaemi) enhanced a southwest monsoon, causing torrential rains in Metro Manila.
\n\u201cAmid the onslaught of Super Typhoon Carina, local equities broke their multi-week winning streak, although losses were trimmed before weekend,\u201d online brokerage firm 2TradeAsia.com said in a market note.
\n\u201cThe local market has already exhibited a golden cross as its 50-day exponential moving average crossed above its 200-day counterpart. This signals a possible rally in the medium- to long-term for the bourse. Trading remains tepid, however, as many are still on the sidelines amid lingering uncertainties,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
\nFor this week, the Fed\u2019s July 30-31 policy review will take center stage, Mr. Tantiangco said.
\n\u201cIn particular, investors are expected to watch out for clues regarding the Fed\u2019s policy outlook. If the Fed gives a dovish outlook, this may spur optimism in the local market,\u201d he said.
\nThe Fed is widely expected to keep its target rate at the current 5.25%-5.5% range for the eighth straight meeting this week. However, markets are awaiting more hints from Fed Chair Jerome H. Powell on the central bank\u2019s easing cycle, which investors expect to begin by September.
\nMr. Tantiangco added that the market will monitor the July S&P Global Philippines Manufacturing Purchasing Managers\u2019 Index data scheduled to be released on Aug. 1.
\nHe put the PSEi\u2019s support at 6,400 and resistance at 6,700-6,800.
\nMeanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort placed the market\u2019s immediate major support at 6,360 and resistance at 6,800-7,000.
\nFor its part, 2TradeAsia.com put immediate support at 6,600 to 6,650 and resistance at 6,850.
\n\u201cMomentum generated by an improving macro backdrop of inflation and growth are likely to persist until data confirms otherwise, and positive earnings growth should help the PSEi brute force its strong resistance near the 7,000 mark,\u201d it said. \u201cOn that note, the upcoming ghost month may increase friction in the short term.\u201d
\nThe ghost month is a period in the Lunar calendar when some Asian investors refrain from making big investments or decisions, resulting in lower trading volumes. For this year, the period is scheduled to start on Aug. 4 and end on Sept. 2. \u2014 R.M.D. Ochave
\n", "content_text": "PHILIPPINE SHARES may move sideways this week ahead of the US Federal Reserve\u2019s policy meeting as investors await clarity on the path of monetary easing in the world\u2019s largest economy.\nOn Friday, the Philippine Stock Exchange index (PSEi) rose by 0.83% or 55.74 points to end at 6,726.01, while the broader all shares index gained by 0.64% or 23.29 points to close at 3,630.10.\nWeek on week, however, the PSEi dropped by 0.97% or 65.68 points from its 6,791.69 finish on July 19.\nTrading at the stock market was disrupted last week as Super Typhoon Carina (international name: Gaemi) enhanced a southwest monsoon, causing torrential rains in Metro Manila.\n\u201cAmid the onslaught of Super Typhoon Carina, local equities broke their multi-week winning streak, although losses were trimmed before weekend,\u201d online brokerage firm 2TradeAsia.com said in a market note.\n\u201cThe local market has already exhibited a golden cross as its 50-day exponential moving average crossed above its 200-day counterpart. This signals a possible rally in the medium- to long-term for the bourse. Trading remains tepid, however, as many are still on the sidelines amid lingering uncertainties,\u201d Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.\nFor this week, the Fed\u2019s July 30-31 policy review will take center stage, Mr. Tantiangco said.\n\u201cIn particular, investors are expected to watch out for clues regarding the Fed\u2019s policy outlook. If the Fed gives a dovish outlook, this may spur optimism in the local market,\u201d he said.\nThe Fed is widely expected to keep its target rate at the current 5.25%-5.5% range for the eighth straight meeting this week. However, markets are awaiting more hints from Fed Chair Jerome H. Powell on the central bank\u2019s easing cycle, which investors expect to begin by September.\nMr. Tantiangco added that the market will monitor the July S&P Global Philippines Manufacturing Purchasing Managers\u2019 Index data scheduled to be released on Aug. 1.\nHe put the PSEi\u2019s support at 6,400 and resistance at 6,700-6,800.\nMeanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort placed the market\u2019s immediate major support at 6,360 and resistance at 6,800-7,000.\nFor its part, 2TradeAsia.com put immediate support at 6,600 to 6,650 and resistance at 6,850.\n\u201cMomentum generated by an improving macro backdrop of inflation and growth are likely to persist until data confirms otherwise, and positive earnings growth should help the PSEi brute force its strong resistance near the 7,000 mark,\u201d it said. \u201cOn that note, the upcoming ghost month may increase friction in the short term.\u201d\nThe ghost month is a period in the Lunar calendar when some Asian investors refrain from making big investments or decisions, resulting in lower trading volumes. For this year, the period is scheduled to start on Aug. 4 and end on Sept. 2. \u2014 R.M.D. Ochave", "date_published": "2024-07-28T21:00:22+08:00", "date_modified": "2024-07-28T18:19:34+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2021/08/PSE-720p-2.jpg", "tags": [ "Revin Mikhail D. Ochave", "Editors' Picks", "One News", "Stock Market" ] }, { "id": "https://www.bworldonline.com/?p=610271", "url": "https://www.bworldonline.com/stock-market/2024/07/25/610271/psei-falls-following-typhoon-wall-streets-drop/", "title": "PSEi falls following typhoon, Wall Street\u2019s drop", "content_html": "PHILIPPINE STOCKS ended in the red on Thursday as trading resumed after Typhoon Carina (international name: Gaemi) hit the capital, and following Wall Street\u2019s decline overnight.
\nThe bellwether Philippine Stock Exchange index (PSEi) dropped by 1.22% or 82.85 points to end at 6,670.27 on Thursday, while the broader all shares index fell by 0.87% or 31.67 points to finish at 3,606.81.
\nFinancial markets were closed on Wednesday due to the typhoon.
\n\u201cThe local market dropped as investors tracked Wall Street\u2019s sell-off overnight amid dismal second quarter corporate results from the tech sector,\u201d Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message. \u201cAlso, concerns over the economic damage to the country caused by Typhoon Carina weighed on the bourse.\u201d
\n\u201cPhilippine shares followed the sentiment of regional equities dropping more than 1% after resuming trading following the suspension from Typhoon Carina,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan likewise said in a Viber message.
\nAsian shares were hammered on Thursday as a slump in global tech stocks sent investors fleeing into less risky assets, Reuters reported. MSCI\u2019s broadest index of Asia-Pacific shares outside Japan lost 1%, while Japan\u2019s Nikkei tumbled 3.3%.
\nOn Wall Street, the S&P 500 lost 128.61 points or 2.31% to 5,427.13 points on Wednesday, while the Nasdaq lost 654.94 points or 3.64% to 17,342.41. The Dow Jones Industrial Average fell 504.22 points or 1.25% to 39,853.87.
\n\u201cInvestors also digested the government\u2019s latest fiscal position data,\u201d Mr. Plopenio added.
\nThe National Government\u2019s (NG) budget deficit narrowed by 7.24% year on year to P209.1 billion in June from P225.4 billion a year ago, Treasury data showed.
\nFor the first six months, the NG\u2019s budget gap widened by 11.2% to P613.9 billion from P551.7 billion a year ago.
\nThe six-month deficit was 7.24% below the P661.8-billion program for the period as revenues were better than expected.
\nAll sectoral indices closed lower on Thursday. Mining and oil retreated by 3.78% or 330.37 points to 8,398.57; property lost 1.98% or 53.10 points to end at 2,628.72; services went down by 1.39% or 28.21 points to 1,998.30; holding firms dropped by 1.08% or 63.49 points to 5,779; financials decreased by 0.89% or 18.57 points to 2,064.61; and industrials declined by 0.43% or 39.32 points to 9,073.96.
\nValue turnover dropped to P4.01 billion on Thursday with 594.95 million shares changing hands from the P5.49 billion with 401.94 million issues traded on Tuesday.
\nDecliners overwhelmed advancers, 121 versus 59, while 54 names were unchanged.
\nNet foreign selling stood at P205.72 million on Thursday versus the P442.93 million in net buying seen on Tuesday. \u2014 Revin Mikhael D. Ochave with Reuters
\n", "content_text": "PHILIPPINE STOCKS ended in the red on Thursday as trading resumed after Typhoon Carina (international name: Gaemi) hit the capital, and following Wall Street\u2019s decline overnight.\nThe bellwether Philippine Stock Exchange index (PSEi) dropped by 1.22% or 82.85 points to end at 6,670.27 on Thursday, while the broader all shares index fell by 0.87% or 31.67 points to finish at 3,606.81.\nFinancial markets were closed on Wednesday due to the typhoon.\n\u201cThe local market dropped as investors tracked Wall Street\u2019s sell-off overnight amid dismal second quarter corporate results from the tech sector,\u201d Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message. \u201cAlso, concerns over the economic damage to the country caused by Typhoon Carina weighed on the bourse.\u201d\n\u201cPhilippine shares followed the sentiment of regional equities dropping more than 1% after resuming trading following the suspension from Typhoon Carina,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan likewise said in a Viber message.\nAsian shares were hammered on Thursday as a slump in global tech stocks sent investors fleeing into less risky assets, Reuters reported. MSCI\u2019s broadest index of Asia-Pacific shares outside Japan lost 1%, while Japan\u2019s Nikkei tumbled 3.3%.\nOn Wall Street, the S&P 500 lost 128.61 points or 2.31% to 5,427.13 points on Wednesday, while the Nasdaq lost 654.94 points or 3.64% to 17,342.41. The Dow Jones Industrial Average fell 504.22 points or 1.25% to 39,853.87.\n\u201cInvestors also digested the government\u2019s latest fiscal position data,\u201d Mr. Plopenio added.\nThe National Government\u2019s (NG) budget deficit narrowed by 7.24% year on year to P209.1 billion in June from P225.4 billion a year ago, Treasury data showed.\nFor the first six months, the NG\u2019s budget gap widened by 11.2% to P613.9 billion from P551.7 billion a year ago.\nThe six-month deficit was 7.24% below the P661.8-billion program for the period as revenues were better than expected.\nAll sectoral indices closed lower on Thursday. Mining and oil retreated by 3.78% or 330.37 points to 8,398.57; property lost 1.98% or 53.10 points to end at 2,628.72; services went down by 1.39% or 28.21 points to 1,998.30; holding firms dropped by 1.08% or 63.49 points to 5,779; financials decreased by 0.89% or 18.57 points to 2,064.61; and industrials declined by 0.43% or 39.32 points to 9,073.96.\nValue turnover dropped to P4.01 billion on Thursday with 594.95 million shares changing hands from the P5.49 billion with 401.94 million issues traded on Tuesday.\nDecliners overwhelmed advancers, 121 versus 59, while 54 names were unchanged.\nNet foreign selling stood at P205.72 million on Thursday versus the P442.93 million in net buying seen on Tuesday. \u2014 Revin Mikhael D. Ochave with Reuters", "date_published": "2024-07-25T21:00:54+08:00", "date_modified": "2024-07-25T18:45:19+08:00", "authors": [ { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" } ], "author": { "name": "BusinessWorld", "url": "https://www.bworldonline.com/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/eda8ffc51ac7ec8b231b61b4c6a0d14e?s=512&d=mm&r=g" }, "image": "https://www.bworldonline.com/wp-content/uploads/2022/06/PSE-BGC.jpg", "tags": [ "Revin Mikhael D. Ochave", "Editors' Picks", "One News", "Stock Market" ] } ] }