Local stocks edged higher for the fourth session on Tuesday on month-end window-dressing, upbeat first quarter earnings flow and global regime of easy monetary policy.
Gaming stocks fell sharply on Monday as the market weighed in the risks of a change in tax regime arising from the loss of tax-exemption status by the industry regulator Philippine Amusement & Gaming Corp. (Pagcor).
There seems to be no stopping the move to merge the Philippine Dealing System Holdings Corp. (PDS) with the Philippine Stock Exchange, with the latter as the surviving entity—a move that will create a unified bourse and allow fund managers, bankers and even retail investors to trade both stocks and bonds.
Local stocks opened strongly on Wednesday but the main index struggled—but failed—to stay afloat 7,000 while investors reassessed recent gains.
Local stocks pulled back on Tuesday as investors pocketed gains after a dizzying climb to new highs breaching 7,100. The main-share Philippine Stock Exchange index gave up 138.12 points or 1.94 percent to close at 6,982.36. This was after rallying on Monday by 2.35 percent to an all-time high of 7,120.48.
The local stock market may have breached the 7,000 mark Monday, but economist Astro del Castillo said Tuesday the effect of this may not be immediately felt by every Filipino.
The local stock index surged to a new record high Friday as investors bought local equities in anticipation of strong first-quarter corporate results and an investment-grade rating from a second global credit-watcher.
The local stock market surged to new record highs on Friday as investors gobbled up local equities in anticipation of strong first-quarter corporate results and an investment grade rating from a second global creditwatcher.
San Miguel Corp. has raised $800 million from a 10-year overseas bond sale, setting a new record as the largest US dollar-denominated corporate bond issue carved out of the Philippines.
Local stocks gained modestly on Thursday as selective buying kept the main index afloat amid lackluster regional markets.
The Ramos family has finalized plans to list its flagship retailing, publishing and allied businesses through the backdoor of the local stock exchange using Vulcan Industrial and Mining Corp., which will be renamed National Book Store Retail Corp.
Local stocks regained ground on Wednesday after a two-day decline as improved US economic data boosted regional markets.
