News Highlights: Alliance Global Group, Inc. (AGI) is diversifying into infrastructure through the creation of INFRACORP Development Inc., particularly to participate in governments PPP projects. Meanwhile, tourist arrivals increased by 1.3% in July, while tourism receipts surged by 58.2% on higher per capita spending, according to the Dep't. of Tourism (DoT).
Mart fails to sustain past 8,400, PSEi @ 8,358: Mart was unable to sustain intra-day gains of 8,427 as investors bagged profits from the recent rally, with all sectors in red except Financials. Among actively traded shares were: ALI (-P0.80 at P42.50), AC (+P2.00 at P1,052.00), BDO (+P3.40 at P139.90), SM (-P12.00 at P928.00), and URC (-P5.80 at P144.00), on 11.63bn turnover. Losers outpaced gainers, 90-97, with net foreign selling at P1.30bn.
Might trade sideways: Latest development from the Fed's minutes might spur investors risk appetite after it indicated that another rate hike is warranted, though foreign selling pressure might give the market a downward bias. Immediate support 8,300, resistance 8,450.
Marts ended mixed: Asian markets ended mixed as investors took profits from the recent rallies, buoyed by Wall Street's momentum and signs that regional economies are accelerating.
Shares climbed after Fed minutes: Shares closed at records again after minutes from the Federal Reserve's September policy-setting gathering indicated a desire to increase rates once more despite stubbornly low inflation.
Oil continues rise for 3rd session: Crude oil prices rose on 3rd straight gain as OPEC raised its forecast for crude demand, but cautioned against deals to limit production. West Texas Intermediate (WTI) climbed $0.38 to $51.30/barrel.
AGI to diversify into infrastructure:
Alliance Global Group, Inc. (AGI) is diversifying into infrastructure through the creation of INFRACORP Development Inc., particularly to participate in governments PPP projects. The company has submitted an unsolicited proposal to build a 2-km monorail called Skytrain that will link Fort Bonifacio and MRT Guadalupe Station.
JFC sees 20% growth in Greenwich:
Jollibee Food Corporation’s (JFC) Greenwich sees 20% growth for 2017. Branch network is seen at 300 by end-2017 from the present 262, 60% of which is company-owned, 40% franchised.
SMPH opens new mall in Cagayan Valley:
SM Prime Holdings Inc. (SMPH) opened its newest mall, SM Center Tuguegarao Downtown, making it the first SM mall in the Cagayan Valley Region. The mall will provide an addition 37,000sqm in gross floor area (GFA), bringing SMPH's total GFA to 8mn sqm.
PAL starts Virac-Clark route this December:
Philippine Airlines (PAL) will start flights to Virac, Catanduanes from Clark International Airport in Pampanga province on 15 December. PAL will operate the 76-seater Bombardier Q400 fleet for the new route.
PNB offers 3rd tranche of LTNCD:
PNB prepares P3bn long-term negotiable certificate of deposit (LTNCD) (3rd tranche of P20bn total), with an indicative rate 3.75%-3.875% p.a. Offer will run on 11-19 Oct, with an issue date 26-Oct, maturing on 4/26/2023.
APL increase its authorized capital:
Apollo Global Capital, Inc. (APL), formerly Yehey! Corporation (YEHEY) will increase its authorized capital from P1bn to P6bn. No other information was added.
Tourist arrivals +1.3%:
Tourist arrivals increased by 1.3% in July, while tourism receipts surged by 58.2% on higher per capita spending, according to the Dep't. of Tourism (DoT). Data showed arrivals in July reached 568,035, bringing 3.92mn total arrivals in the first seven months (+11%), while tourism receipts climbed to P33.52bn.
Alorica partners with X & Storm Technologies:
Alorica, one the biggest US business process outsourcing (BPO), partnered with X & Storm Technologies for its hiring requirements. Alorica has over 40,000 employees in 17 sites locally.
LuLu group eyes expansion in the Philippines - PEZA:
Philippine Economic Zone Authority (PEZA) said Qatar's largest chain of supermarkets LuLu Hypermarket started to scout for locations in the county as part of its Southeast Asian expansion. LuLu group expressed their intention to acquire 1,000ha. for its warehouse. This is on top of plans to set its food processing facility to distribute products to its chain of 134 hypermarkets worldwide. LuLu has presence in the United Arab Emirates, Oman, Qatar, Kuwait, Bahrain, Egypt, Saudi Arabia, India, Indonesia and Malaysia.