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

PSE BULL RUN 2017

RACE DETAILS

Event Name: PSE Bull Run 2017
Event Date: Sunday, January 22, 2017
Time: 4:00 – 9:00AM
Categories: 5K, 10K, and 21K
Start & End Point: 34th Street corner 9th Avenue, Bonifacio Global City
Race Owner: The Philippine Stock Exchange, Inc.

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http://runrio.com/wp-content/uploads/2016/11/PSE-BULL-RUN-2017-Registration-Form.pdf

Read more: http://runrio.com/psebullrun2017/

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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Philippine Stocks

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