PSEi climbs to 6,800

The local stock barometer rallied to the 6,800 level in thin trade on Wednesday on a continued mix of bargain-hunting and window-dressing activities.

The main-share Philippine Stock Exchange index gained by 188.24 points or 2.83 percent to close at 6,846.44, tracking upbeat regional markets.

Investors also took their cue from the overnight rise in US stocks to nearly record highs.

“The PSEi continued both its bargain hunting and window dressing easily on the back of thin volumes. 

Aside from this, The Dow Jones Industrial Average rose 11.23 points, or 0.1 percent to end at 19,945.04, according to preliminary figures, remaining just shy of the psychologically important 20,000 milestone,” said Regina Capital development managing director Luis Gerardo Limlingan.

At the local market, trading volume was scant at P3.45 billion, however, as many investors are on a long holiday break.

Read more: https://business.inquirer.net/222123/psei-climbs-6800

PSEi firms up at 6,900 level

The local stock barometer climbed back to the 6,900 level on Wednesday ahead of the closely-watched US Federal Reserve meeting, during which investors have priced in a decision to hike interest rates.

The main-share Philippine Stock Exchange index gained 47.43 points or 0.69 percent to close at 6,928.34, recouping some of the heavy losses incurred on Monday. The index has firmed up in the last two trading days.

On Wednesday, trading sentiment was mixed across regional markets as investors awaited the conclusion of the two-day Federal Open Market Committee (FOMC) meeting Wednesday night (Manila time).

“Our research team looked into 20-years worth of data to see how the PSEi performed around the FOMC meeting,” BPI Securities president Michaelangelo Oyson said.

Oyson said there was usually slightly positive movement on the PSEi the day after the Fed rate hike. “That is, the data indicate that the market generally prices in the rate hike ahead of time,” Oyson said. “Rate hike or no rate hike, it’s slightly positive on the market.”

All counters firmed up on Wednesday, led by the holding firms and mining/oil counters which both rose by over 1 percent.

Read more: https://business.inquirer.net/221329/psei-firms-6900-level

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Air Asia unit in PH eyes IPO in 2017

Kuala Lumpur—Philippines Air Asia could accelerate plans for its initial public offering (IPO) given improving business prospects, Malaysian tycoon Tony Fernandes said last Friday.

Fernandes, group CEO of budget airline giant Air Asia Berhad, told visiting Filipino journalists that the IPO of its domestic affiliate, originally seen in 2018, could be held next year.

“I’m going to do it next year, we’re going to try,” Fernandes said.

Philippines Air Asia originally planned to raise about $200 million via an equity offering, but Fernandes said it was possible to raise “maybe more” than that figure.

Read more: https://business.inquirer.net/221221/air-asia-unit-ph-eyes-ipo-2017

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IPO and more in December

The market may now be precariously hanging from a thin branch after falling deep into negative territory. Still, it has managed to support four initial public offerings (IPO) for the year.

The latest is the ongoing IPO of pizza restaurant chain Shakey’s Pizza Asia Ventures Inc. (SPAVI), which reportedly has also been successful in its foreign offering. SPAVI is the third company controlled by the Po family to be listed after Arthaland Corp. and Century Pacific Food Inc.

The three other companies that took the IPO route to raise money from the investing public were: Golden Haven Memorial Park Inc., Cemex Holdings Inc. and Pilipinas Shell Petroleum Corp.

Offer terms

Offered to the public at the price of P11.26 a share, SPAVI will be able to raise as much as P3.96 billion from the sale of 351.9 million common shares—104 million primary shares and 202 million secondary shares held by Arran Investment Private Ltd., a unit of GIC Private Ltd., the sovereign wealth fund of Singapore. The issue also has an over-allotment option of 45.9 million secondary shares.
The offer period started last Dec. 2 and will end on Dec. 8. Listing date has been tentatively set on Dec. 15. Of the total offered shares, 70 percent has been allocated for subscription by overseas investors while the remaining 30 percent has been set aside for local investors.

Read more: https://business.inquirer.net/220797/ipo-and-more-in-december

PSEi retests 6,800

The local stock barometer inched up to the 6,800 level on Tuesday as a regional upswing prevailed over initial jitters on the higher-than-expected Philippine inflation data for November.

Reversing losses in early trade, the main-share Philippine Stock Exchange index gained 29.73 points or 0.44 percent to close at 6,806.14 on selective buying of large-cap stocks.

The day’s rebound was led by the property counter, which rose by 1.42 percent while holding firms also gained.

On the other hand, the financial, industrial, services and mining/oil counters all declined

Read more: https://business.inquirer.net/220864/psei-retests-6800-2

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Philippine Stocks Watch-list : DEC 2016

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