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Stocks to test 7,000 resistance
The stock market looks to sustain its momentum and advance to the 7,000 level this week, with investors keeping an eye on more corporate earnings results and positive cues abroad to fend off selling pressures......»»
Philippine stocks tumble on profit taking
Local share prices failed to sustain their strength due to profit taking, sending the benchmark Philippine Stock Exchange index 44.43 points or 0.70 percent lower at 6,265.14.....»»
Stocks sustain gains as Wall Street rallies
Philippine stocks extended their winning streak yesterday, boosted by a Wall Street rally that came on positive reports on consumer confidence and job openings......»»
Stocks sustain gains as Wall Street rallies
The benchmark Philippine Stock Exchange index closed at 6,613.50, up by 71.59 points or 1.09 percent, while the broader All Shares index gained 25 points or 0.71 percent to finish at 3,515.91......»»
Prices trend down after BSP moves
Inflation has trended down for the fourth straight month in May as the economy showed signs of resilience in the face of aggressive interest rate hikes by the Bangko Sentral ng Pilipinas. Inflation in May registered a year-on-year decline to 6.1 percent from 6.6 percent in April due to easing transport and food costs, Philippine Statistics Authority reported on Tuesday. The May 2023 inflation outturn, within the lowest year-on-year inflation rate since July 2022, is within the BSP’s forecast range of 5.8 percent to 6.6 percent and matched the 6.1 percent median estimate in a Daily Tribune poll conducted last week. Last month’s inflation also brings the year-to-date average inflation to 7.5 percent, which is still above the government’s two percent to four percent target band. The stock index closed at 6,479.93 down 41.71 points or 0.64 percent yesterday. “It was a sell on news session in the local market with inflation coming in line, right within market expectations. With little impetus locally, movements were mainly influenced regionally by the news that regulators are contemplating increasing capital requirements for large banks,” Regina Capital Development Corp. managing director Luis Limlingan said. PSA Undersecretary Claire Dennis Mapa said in a briefing the steady slowdown in inflation can be attributed to slower food and transportation inflation. Among the 13 commodity groups, Mapa noted a decrease in the transportation index by 0.5 percent compared to the previous month’s annual increase of 2.6 percent. The heavily-weighted food and non-alcoholic beverages also dragged the overall inflation down, with a lower inflation rate of 7.4 percent from 7.9 percent in April 2023. The third source of deceleration was restaurants and accommodation services, which registered slower inflation at 8.3 percent from 8.6 percent in the previous month. Meanwhile, the annual rate of alcoholic beverages and tobacco index also slowed down to 12.3 percent. Meat inflation moderated as the inflation rate for chicken decreased from 7.7 percent to 5.9 percent, and the inflation rate for beef decreased from 6.1 percent to 5.3 percent. Pork also continued to experience contraction to -1.0 percent from -0.3 percent due to increased import arrivals accompanied by the timely unloading of frozen pork stocks. Meanwhile, the inflation rate for furnishings, household equipment, and regular household maintenance went up from 6.1 percent in April 2023 to 6.2 percent in May 2023. The recreation, sport, and culture inflation rate also increased from 4.7 percent in April 2023 to 4.9 percent in May 2023. Mapa said the latest data indicates a declining inflation rate in the Philippines, with notable contributions from certain factors, such as transportation costs. “The expectations reveal a declining inflation rate based on the data. Some items that significantly contributed to the previous inflation rate are now decreasing, indicating a reversal in their trend, particularly in the transport sector,” Mapa said. “While the overall trend of the inflation rate is declining, seasonal adjustments, like the seasonally adjusted CPI, have also turned positive this month. However, there are still risks, especially concerning certain food items,” he added. No directive yet During the Malacañang press briefing, Trade Secretary Alfredo Pascual said the Inter-agency Committee on Inflation and Market Outlook convened an emergency meeting last Monday to reopen the discussions about the current state of inflation. When asked about any specific orders from President Ferdinand Marcos Jr. regarding the matter, Pascual responded that there were no explicit directives apart from continuing to monitor the situation. “We convened on 7 March when inflation was peaking, but since it has been declining, there were no specific orders apart from continuing to monitor the situation and thinking of ways to reduce inflation. That is our mandate,” Pascual said. When further asked about the measures that the Inter-Agency Task Force implemented to reduce inflation, Pascual said they had been closely examining supply chain constraints as a significant factor. “The solution lies in removing the bottlenecks. We need to ensure that the logistics are available to deliver the harvest to where the demand is,” Pascual said. Meanwhile, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan expressed his confidence that the government can achieve its inflation target this year as NEDA is working closely with concerned government agencies in monitoring the primary drivers of inflation. Finance Secretary Benjamin Diokno, for his part, told the reporters in a Viber message that the new inflation number and the declining trend “give confidence” that inflation would be within the target range of 2.0 to 4.0 percent by September this year. BSP to pause rate hikes House Ways and Means panel chairman Joey Salceda, meanwhile, expected the BSP to pause with raising interest rates in the face of the country’s persistent development in curbing inflation that hurt Filipinos’ pockets last year and earlier this year. “Inflation continues its downward momentum year-on-year and is in line with the BSP’s expectations. So, I expect Governor Medalla and his predecessor to pause the BSP’s interest rate hike regime barring any major changes in rates by the US Federal Reserve,” the economist-lawmaker said, noting that the May inflation data is in line with the central bank’s expectations. However, for ordinary households, he believes that the slowdown of price levels is “rather theoretical” as price levels have remained unchanged on the aggregate on a month-on-month basis. The veteran solon added that the government should keep an eye on the consumers’ continued curtailing spending while stressing the need to sustain efforts to improve food supply, lower logistics costs, and keep the prices of basic services under control. “Core inflation is also still at an elevated 7.7 percent, indicating that food-poor families remain vulnerable to high prices,” according to Salceda. Meanwhile, ING Bank Manila senior economist Nicholas Antonio Mapa expressed concern over second-round effects. However, Mapa expects the headline rate to give BSP more room for the rate hike pause. “Slowing inflation could give BSP space to extend their pause although fresh developments such as a potential Fed rate hike could impact the forward guidance for an extended pause,” he said in a Viber message. The post Prices trend down after BSP moves appeared first on Daily Tribune......»»
Global stocks mixed after weak US retail sales data
Wall Street stocks retreated Friday following a positive session on European bourses, as disappointing US retail sales data offset a lift from better-than-expected bank earnings. Retail sales fell by a surprisingly big one percent in March, extending a downward trend that signals cooling in the world's biggest economy. But that downcast reading was countered by surprisingly good earnings from JPMorgan Chase and other large banks that cheered investors nervous about the sector. After opening modestly higher, major US indices spent the rest of the day in the red. Analysts pointed to hawkish comments from Federal Reserve Governor Christopher Waller that prompted a rethink of US inflation reports this week. Easing inflation earlier raised hopes for a pause in interest rate hikes soon. "Wall Street got scared after strong results from JPMorgan, surging inflation expectations, and some hawkish Fed speak," said Oanda's Edward Moya, pointing to fears that the Fed could raise rates not just in May but also in June. The S&P 500 ended 0.2 percent lower, cutting into its gains for the week. Chris Beauchamp, the chief market analyst at online trading platform IG, said the poor US retail sales figures had investors "fretting again about a US recession." "While it is a Friday, and risk appetite is hard to sustain, today's losses after Thursday's gains show how delicate the rally in US equities is," he said. JPMorgan Chase surged more than seven percent following a blowout earnings report, while Citi jumped 4.8 percent. At the other extreme, Boeing plunged 5.6 percent after disclosing a problem with a supplier part on the 737 MAX that is expected to slow deliveries of new jets. Earlier, the Paris CAC 40 stocks index of leading French companies hit a new record high, closing 0.5 percent up at 7,519.61 points, buoyed in part by strong earnings Thursday from luxury group LVMH. London and Frankfurt also rose, while oil prices edged higher. After hitting a 12-month low against the euro on Thursday, the dollar rebounded somewhat Friday. The post Global stocks mixed after weak US retail sales data appeared first on Daily Tribune......»»
Stocks, peso sustain rise as investors return to PH market
MANILA - The recovery of the main stocks index continued Tuesday, defying counterparts in the region, and it was mirrored by the local currency.The Philippine Stock Exchange index (PSEi) gained 0.28 percent, or 17.46 points, to 6,286.24 points.All Share.....»»
PH stocks index rises anew as peso finishes sideways
MANILA - Continued hawkish tone from the Federal Reserve resulted to another uptick in the Philippines' main equities index on Thursday and the peso continued to remain firm against the greenback.The Philippine Stock Exchange index (PSEi) rose by 0.72 percent, or 47.76 points, to 6,645.52 po.....»»
PSEi seen to sustain upward movement
Local stocks breached the psychological 7,000 resistance level last week and may sustain the upward momentum as a confluence of positive domestic and foreign catalysts unveil this week......»»
Stocks take a breather as investors on sidelines
Stocks failed to sustain the strong upward momentum in the past two days as investors stayed mostly on the sidelines to wait for more concrete developments on both the economic and health fronts......»»
Stock market drop slightly; BDO and Puregold decline
Stocks fell again Monday as investors took a breather following a recent rally, with some investors waiting on the sidelines for any signs of a market uptick......»»
Stock market declines; MerryMart leads losers
Stocks retreated Monday on profit taking, weighed down by an uptick in the inflation rate to a 22-month high of 3.5 percent in December from 3.3 percent in November......»»
Stocks sustain uptrend as buying spree resumes
The local stock market continued to move up yesterday as investors resumed their buying spree, traders said......»»
Market ends flat; NOW, Dito rise
Stocks closed virtually flat Monday in thin trading, with investors growing concerned about an uptick in coronavirus infections in Europe and the United States......»»
Stocks sustain uptrend on hopes of easing lockdown
Share prices continued to strengthen yesterday, rallying for a fourth straight day, as investors pin their hopes on lighter quarantine measures by next week......»»
PSEi falls, mirrors US equities
Local stocks plunged to close the week in the red as they mirror negative sentiment in US equities......»»
Rice inventory drops to 17-month low
The country’s rice stocks in February fell to their lowest level in more than a year despite higher imports recorded at the start of the year......»»
Retail Sales in US Fall Short of Expectations Following Previous Month’s Decline
US retail sales saw a slight increase of 0.6% in February, falling short of predictions and sparking worries about consumer spending strength. This uptick follows.....»»
San Miguel income soars to P44.7 billion in 2023
Diversified conglomerate San Miguel Corp. expects to sustain its growth momentum this year after earnings soared in 2023 on the back of significant volume growth across its key businesses......»»
Jollibee spending P23 billion for capex
Jollibee Foods Corp. is spending as much as P23 billion this year to sustain its growth momentum after posting strong profitability in 2023......»»