Share prices continue to rise
Local stocks trekked higher for the fifth straight session Thursday as investors correctly anticipated an investment grade rating for the Philippines from a second global credit agency.
Local stocks trekked higher for the fifth straight session Thursday as investors correctly anticipated an investment grade rating for the Philippines from a second global credit agency.
Online trading of local stocks is growing at a double-digit pace as more retail investors discover equities as an investment outlet in this record-low interest rate regime, thus boosting the Philippine Stock Exchange’s bid to bring more stockbrokers online.
Asian stock markets fell Wednesday in holiday-thinned trading after the pace of China’s manufacturing growth slowed in April, raising fears of a weaker recovery in the world’s second-largest economy.
Local stocks edged higher for the fourth session Tuesday on month-end window-dressing, upbeat first-quarter earnings and a global regime of easy monetary policy.
Asian markets mostly rose on Tuesday after another record close on Wall Street, while sentiment was also boosted by news that a new government had finally been formed in Italy after months of deadlock.
Asian markets were mixed on Monday while the dollar slipped after US economic growth data came in below forecast owing to deep federal spending cuts.
Most local stocks crept higher Monday, rising for a third session, aided by month-end window-dressing and a relaxed monetary policy.
Gaming stocks fell sharply Monday as the market weighed in risks of a change in tax regime arising from the loss of tax-exemption status by industry regulator Philippine Amusement and Gaming Corp. (Pagcor).
At the 2013 Asean Summit held last week in Brunei Darussalam, P-Noy said the Philippines was no longer the “Sick Man of Asia,” a phrase originally used to refer to China’s weak and impoverished economic disposition in the late 19th and early 20th centuries, but now used to describe Asian nations with a similar experience.
The local stock index may retest recent record highs past 7,100 this week on the back of upbeat first-quarter corporate earnings reports, month-end window-dressing and record-low interest rates.
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 on Friday climbed back to the 7,000 level on the back of fresh special deposit account (SDA) rate cuts and end-of-the-month window dressing.
