Stock News 2013: PSEi rebounds after 8-day decline

Meralco's franchise area. (Photo credit: Wikipedia)

The local stock market found relief after an eight-day bloodbath on Thursday while investors across the region took heart from US Federal Reserve’s vow to maintain its easy monetary policy.

After pulling back by 6.5 percent since hitting successive record highs earlier this month, the Philippine Stock Exchange index clawed back 53.36 points or 0.83 percent to close at 6,472.98 on Thursday.

Fund managers said the decline in the last eight days was a good opportunity to allow investors to reenter the market after locking up gains from recent highs.

All counters bounced but the biggest rise was posted by the services (+2.31 percent) and mining/oil (+1.93 percent) counters.

Value turnover amounted to P9.5 billion. There were twice as many advancers (103) for every decliner (50).

Semirara Mining was an outperformer for the day (+7.09 percent) on reports its coal mining operation may resume operations by April.

http://business.inquirer.net/113477/psei-rebounds-after-8-day-decline

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Stock News 2013: PSEi soars past 5,900

English: Barack Obama delivers a speech at the University of Southern California (Video of the speech) (Photo credit: Wikipedia)

STOCKS surged to a new all-time high at the close of Thursday’s trades, piercing through the 5,900 barrier for the first time as investors stayed bullish after US President Barack Obama signed legislation formally ending the so-called “fiscal cliff” crisis that would have meant tax hikes and spending cuts feared to spark another recession.

The Philippine Stock Exchange index (PSEi) rallied by 73.06 points or 1.25% to close at 5,934.05, its second all-time high for the year in as many days. The broader all-share index climbed by 36.09 points or 0.97% to 3,762.88.

The PSEi last peaked on Wednesday, the first trading day of the year, when it advanced by 48.26 points or 0.83% to close at 5,860.99 on the back of news that US solons finally green-lighted a bill ending protracted fiscal cliff talks.

“The market [yesterday] ended up by around 73 points, another all-time high, as Asian and US markets went up again [the previous] night. Market sentiment was also positive ahead of expected corporate spending in the first quarter,” said Elizabeth S. Abadillo, analyst at brokerage Angping & Associates Securities, Inc., in a text message yesterday.

http://www.bworldonline.com/content.php?section=StockMarket&title=PSEi-soars-past-5,900&id=63721

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Stock News 2010: PSE Revamps Index, 3 Firms to Be Replaced

Image via Wikipedia

MANILA, Philippines – The Philippine Stock Exchange (PSE) said Thursday that its latest revision of the composite Philippine Stock Exchange Index (PSEi) will see three stocks - diversified San Miguel Corp. (SMC), Security Bank Corp. (SECB) and broadcast company GMA Network Inc. (GMA7) – dropped from the roster of 30 companies comprising the bellwether index.

The three stocks will be replaced by construction, mining and property group DMCI Holdings Inc. (DMC), power generation company First Gen Corp. (FGEN) and conglomerate JG Summit Holdings Inc. (JGS), the bourse said.

The revisions to the PSEi and other sectoral indices will be implemented on Nov. 8.

The PSE's corporate services division said San Miguel was dropped from the PSEi as its free float level declined to 8.6 percent, below the minimum requirement of 10 percent. GMA Network and Security Bank failed to make it to the exchange's list of top 30 companies in terms of market capitalization, the division added.

The other requirements for inclusion on the PSEi is liquidity or average daily trading value of at least P5 million, tradability of at least 95 percent of total trading days and volume turnover ratio of at least 10 percent.

http://www.mb.com.ph/articles/284742/pse-revamps-index-3-firms-be-replaced

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