Business NEWS

The Philippine Stock Exchange needs to tweak further its listing rules for Small, Medium and Micro-Enterprises (SMEs) if it is to be the sector’s primary source of fresh capital.

Further weakness is seen in the stock market this week, following the trend set last week which was marked by profit-taking and foreign selling.

There was no month’s end window dressing, leading the PSEi to end the week much lower.

The local stock market fell as foreign funds cash in and leave for greener pastures. The main index dropped 107.16 points or 1.51 percent to close at 7,002.51 although the Mining and Oil counter managed to post a strong gain.Volume continued to grow with 8.03 billion shares worth P14.07 billion changing hands as losers beat gainers 120 to 97 with 40 steady.“Local shares were sold ahead of the Thanksgiving holiday, while foreign funds continued to flock back to regions which they believe would be the first ones to receive the vaccine upon mass production,” Regina Capital Development Corporation Managing Director Luis Limlingan.AAA Equities Head of Research Chris Mangun said “The market continued lower today as profit-taking persisted. It ended right at the 7,000 physiological support level. The pullback was expected after the PSEi gained more than 22 percent in the last three weeks.”

NEW YORK (AFP) – The Dow surged past 30,000 points for the first time Tuesday as receding US political uncertainty and hopes for coronavirus vaccines offset worries over spiking Covid-19 cases.

The local stock market dropped after investors pocketed gains from the recent rally. The PSEi lost 69.95 or 0.97 percent to close at 7,108.67 with only the Property counter in the green. Volume jumped to 8.27 billion shares worth P12.95 billion as losers beat gainers 134 to 101 with 40 unchanged. 

The local stock market was barely higher after investors were quick to cash out after early gains.

The local market is seen to make a healthy correction to digest strong gains made last week on the success of two COVID-19 vaccines and the surprise rate cut by the Bangko Sentral ng Pilipinas. 

The local stock market capped the week with a rally after the central bank decided to cut rates.The PSEi surged 172.17 points or 2.46 percent to 7,169.79 as share price rose across the board.

The local stock marker weakened as investors remain cautious and are quick to take profit. The PSEi dropped 54.16 points or 0.77 percent to close at 6,997.62 with only the Financials counter advancing. 

The local stock market breached the 7,000 level again on renewed optimism among investors.

The local stock market gained on news of the success of another coronavirus vaccine. The PSEi advanced 41.09 points or 0.59 percent to close at 6,959.14 as all sectors were in the green. Volume rose to 2.49 billion shares worth P10.25 billion as gainers beat losers 126 to 98 with 41 unchanged.“The PSEi along with other regional markets jumped after preliminary coronavirus vaccine data from Moderna further lifted expectations of a strong economic recovery,” said Regina Capital Development Corporation Managing Director Luis Limlingan.Aside from the vaccine, Philstocks Fin Research Analyst Claire Alviar said “the growth of cash remittance year-on-year brought positive sentiment, along with the improved data of October car sales.”However, AAA Equities Head of Research Chris Mangun noted that,“the market has been displaying sideways movement in the last few days. This tells us that investors are currently uncertain on whether the market should continue higher or start retreating.  Perhaps investors are waiting to gauge how strong business activity will pick up in the coming weeks as the christmas season approaches.”

The local stock market continued to correct yesterday as investors take profit from the surge in prices last week. 

The stock market ended lower on the last trading day of the week   on concerns over damages wrought by Typhoon Ulysses.

The local stock market ended slightly lower on some profit-taking after the spike in prices during the previous session. The PSEi shed 11.22 points or 0.16 percent to close at 7,024.26 with the Holding Firms and Services counters retreating.Volume surged to 2.29 billion shares worth P27.77 billion as gainers still outnumbered losers 139 to 79 with 49 unchanged.“Local shares ended mixed today as investors continued to rotate out of defensive stocks that thrived during the pandemic and into value stocks linked to economic recovery,” said Regina Capital Development Corporation Managing Director Luis Limlingan.He added that, “Investors also assessed the latest results of the MSCI rebalancing for the Philippines. These will take effect by Nov 27.”AAA Equities Head of Research Chris Mangun said “The PSEi ended slightly lower but mainly flat as selling picked up on issues that saw an incredible rally the day before.”He noted that, “Other blue chips like BPI, MBT and MEG which have not climbed as much as the others, ended with substantial gains today. We continue to see high trading volumes as there is a lot of interest from investors due to the improving sentiment. “

The local stock market surged past the 7,000 level as investors celebrated positive reports on breakthrough in COVID-19 vaccines. 

The local stock exchange started the week softer but was able to recover losses to end the day flat.

Movements in the local stock market this week will continue to be influenced by the US elections as well as the announcement of the third quarter economic performance and more corporate earnings releases.