mb.com.ph | Philippine News | Archive | Stock Market | 7
Home  » Stock Market

Stock Market

Asia stocks extend rally as oil pushes higher

Hong Kong – Asian stocks rallied again Monday and oil maintained last week's advance as investors bet on central bank stimulus measures to support markets after a bloodbath at the start of the year. Having set the tone for global trading floors Friday with sharp gains, regional dealers took up the mantle again, with Hong Kong, Tokyo and Sydney leading the charge. Energy firms were among the biggest winners after oil prices surged 10 percent on Friday, halving the losses suffered so far in 2016 that have been a key cause of the global market rout. However, while analysts said the snapback – after three weeks of heavy selling – was due, they warned that the volatility which has infected markets from Asia to the Americas would likely continue. The rally comes at the …

Read More

US oil prices sink further to below $27

New York – Oil prices plunged again on Wednesday, losing 6.7 percent in New York in the absence of any sign of tightening of supplies and amid gloomy global economic forecasts. The US benchmark West Texas Intermediate (WTI) for February delivery dropped $1.91 to $26.55 a barrel, the lowest level since May, 2003. The contract traded as low as $26.19 a barrel during the session, the last day for the February contract. Losses also persisted in London trade, but were not as heavy as Brent North Sea crude for March delivery tumbled to $27.88, down 88 cents from Tuesday. Wall Street stocks tumbled Wednesday as US oil prices sank to fresh 12-year lows, but an afternoon rally significantly cut the session’s losses. The Dow Jones Industrial Average lost 249.28 points (1.56 percent) at 15,766.74. The …

Read More

Auto part sales to post 80% growth in 2017

The autoparts manufacturing industry has projected its sales to hit a record growth of 80 percent to R240 billion and employment growth of 60 percent by 2017 when the CARS Program starts taking effect. Freddie Raquelsantos, president of Philippine  Partsmakers Manufacturers Association (PPMA), said that based on the industry’s 2013 value of output/production of R133.5 billion in 2013 this could easily increase to R240 billion next year. Raquelsantos said the industry’s output will increase starting this year as they expect 31 companies from PPMA to forge technical licensing agreements with foreign autoparts manufacturers, which are going to supply parts to CARS participants. In terms of jobs creation, Raquelsantos said the current industry employes of 70,000 would increase 60 percent or 112,000 by 2017. Official data from the Philippine Statistics Authority showed the autoparts manufacturing …

Read More

Crown Asia boosts PVC compound capacity

Crown Asia Chemicals Corporation (Crown Asia), manufacturer of premium PVC compounds and world-class Crown Pipes, is expanding its compounding capacity by 10 percent to 16,500 metric tons per year (MTPY). In a disclosure to the Philippine Stock Exchange, the firm said it has received delivery of its state of the art PVC compounding line from Germany. The “shear-gap” feature of the new Compounding Line has the capability to produce a wide range of PVC compounds for various applications, most notable of which are clear rigid compounds used in bottles, IC tube packaging, shrink films, and labels. The new compounding line will add another 1,500 MTPY to Crown Asia’s existing compounding capacity of 15,000 MTPY. The company started PVC compounding production in 1990 with 1,500 MTPY under the trademark “Petrovin”. Currently, revenues from this specialized …

Read More

Ford PH delivers record sales in 2015

Ford Philippines sales last year jumped a record 25 percent to 25,372 units, firmly establishing Ford as the number three-selling automotive brand in the country. EcoSport, Everest and Ranger each deliver record full-year sales in the Philippines. Record December sales soar 48 percent to 2,824 units, capping record quarterly performance with jumping 50 percent to 8,691 units. The record sales year and continuing momentum helped Ford jump one spot to become the number three-selling automotive brand in the Philippines in 2015. “It’s been a breakthrough year for Ford in the Philippines. We launched more global Ford vehicles that showcased the very best of Ford, and expanded our retail presence across the country to make the Ford brand closer to our customers through a strong dealer network,” said Lance Mosley, managing director, Ford Philippines. “We’re …

Read More

RLC bares 20% hike in FY net profit at P5.7B

Robinsons Land Corporation reported a 20 percent hike in audited consolidated net income for the fiscal year ended September 30, 2015 to P5.70 billion from 4.73 billion in the previous fiscal year. In a disclosure to the Philippine Stock Exchange, the firm said revenues increased by 16 percent to P19.73 billion in FY2015 from R17.05 billion in FY2014. RLC said its higher revenues came on the back of “the double digit growth of all our business segments led by office buildings, residential, hotels and commercial centers divisions.” Real estate cost went up by 11 percent to P7.84 billion mainly due to higher depreciation due to new malls, new office buildings and new cinemas in new malls. Hotel expenses rose by 10 percent to P1.29 billion mainly due to newly opened hotels. General and administrative …

Read More

Shanghai rebound fails to avert Asia stock retreat

Hong Kong – Shanghai stocks saw another day of volatility Thursday, swinging sharply from big early losses to end on a high while most other Asian bourses tracked a Wall Street slump in the latest rout of world markets. Any hope Wednesday's regional rally might presage a recovery from 2016's bloodbath was wiped out with an immediate sell-off in the opening minutes. Tokyo plunged almost four percent in the first hour and Shanghai fell below its lowest levels of the summer rout. However, Shanghai ended slightly more positively – rising two percent – as investors moved to pick up cheap stocks. Overnight, a heavy sell-off on Wall Street Wednesday cut short a two-day rally and smothered hopes of a sustained turnaround on battered global markets. There was no clear catalyst for the plunge which saw …

Read More

LBC takes steps to ensure payments amid garnishments

LBC Express Holdings, Inc. disclosed that subsidiary courier and remittance firm LBC Express, Inc. needs to take measures and find alternative channels of payments to its suppliers, lessors and other counterparties after a local court started to garnish its bank accounts. In a disclosure to the Philippine Stock Exchange, LBC said though that there has been no immediate material impact on the business operations of the Company and LBC Express from the writ of preliminary attachment issued. “LBC Express continues to exert utmost effort to fully attend to the needs of its customers and ensure regular ongoing operations,” the firm said. However, it noted that “we anticipate that as the Writ of Preliminary Attachment is being executed and until LBC Express shall have implemented its remedies designed to meet and/or challenge said Writ …

Read More

Barclays to cut investment bank jobs in Asia

Singapore/Hong Kong – Barclays will announce investment banking job cuts across Asia next week, including closures in South Korea and Taiwan, sources with direct knowledge of the matter told Reuters. The British bank's latest cost cuts as part of its global restructuring will include corporate finance and advisory staff in South Korea and Taiwan, as well as equities sales and research staff among a total of at least 50 job losses throughout the region. In common with other European lenders, Barclays is facing up to a harsh environment for investment banks in Asia after the region's economies and markets failed to deliver sustained growth after the 2008 financial crisis. Reuters reported on Monday that Barclays will close its Indian equities business as part of the wider pullback in Asia. "We are constantly monitoring our …

Read More

Iran-Saudi rift punches new hole in OPEC unity

Paris – Escalating diplomatic tensions between Iran and Saudi Arabia have added fresh strains on Organization of Petroleum Exporting Countries (OPEC)’s unity as the cartel grapples with a common response to rock-bottom oil prices, experts said. While it produces a third of the world’s oil, the group has struggled with crude values that have tumbled some 60 percent since mid-2014, falling below $40 (37 euros). (Oil prices edged higher in Asia Wednesday, ahead of the release of a US stockpiles report, with investors also keeping an eye on a worsening diplomatic row between Iran and Saudi Arabia. At around 0605 GMT, US benchmark West Texas Intermediate for delivery in February was up eight cents at $36.05 and Brent was three cents higher at $36.45. Both contracts closed lower on Tuesday.) Crafting a new way …

Read More