Philipines Market Insights 2018.10.16

フィリピン株式ニュースハイライト

News Highlights: US shares scored lower, as traders sought for direction on interest rates plus geopolitical concerns after Pres. Trump threatened ‘severe punishment’ on Saudi Arabia if they were found to be related to a missing journalist. On the local front, Manila Electric Company (MER)’s 9M18 sales volume is seen to have grown by 5% to 32,530 gWh. Meanwhile, Finance chief Dominguez said the P40bn revenue loss from fuel excise tax suspension will be covered by cuts in non-infra spending.

マーケットモニター

各国市場モニター

各国の株式市場動向

PHILIPPINES

Last-minute sell-down pulls PSEi to 6,926: MOC selling capped local equities’ earlier ascent (intra-day high of 7,063), pulling gauges 78 points lower at 6,926 (-1%). Only mining/oil was spared (+0.2%), with declines led by industrials (-1.7%) & services (-1%). ALI (-P0.10 at P39.20); BDO (-P0.10 at P109.90); SMPH (-P0.50 at P33.70) led actively-traded shares lower, while SECB (+P2.20 at P143.10); MWIDE (+P1 at P16.60); & GTCAP (+P10 at P710) rose. Turnover was P4bn, with gainers-losers at 106-84. Net foreign selling was at P738mn (+2%).
Watchful tone set: Another heedful tone might be felt in local sessions, following yesterday’s MOC pullback. Some might also wait for release of 9M results among large caps to seek clarity in earnings growth, before making their buy calls. The limelight would be mostly on second-tier & speculative plays for now, until stronger catalysts come up. Immediate support is 6,850, resistance 6,950.

ASIA

Marts ended lower: Asian stock markets fell on Monday, failing to mimic US stocks’ rebound last week as concerns over rising interest rates and global trade spats lingered.

WALL STREET

US equities corrected: US shares scored lower, as traders sought for direction on interest rates plus geopolitical concerns after Pres. Trump threatened ‘severe punishment’ on Saudi Arabia if they were found to be related to a missing journalist. DJIA -89 points, 25,250 (-0.35%), Nasdaq Comp. -66pts, 7,430 (-0.88%).

COMMODITIES

Crude slightly gained: Crude ended higher Monday as growing tension between the U.S. and Saudi Arabia on the disappearance of a Saudi journalist is giving some support to another perceived risk to global supply. West Texas Intermediate (WTI) inched up $0.44 to $71.78/barrel.

フィリピン国内各企業動向

MER 9M sales volume +5%:

Manila Electric Company (MER)’s 9M18 sales volume is seen to have grown by 5% to 32,530 gWh. Sales volume growth in 1H was at 7%.

SMC power unit to redeem notes:

SMC Global Power will make a tender offer on holders of $300mn, 7.5% united subordinated capital securities issues last May 2014. The notes were issues to finance the coal plant in Malita, Davao.

MEG builds 4th project in BGC:

Megaworld Corp. (MEG) is building its 4th residential project on 15.4ha. Uptown Bonifacio township dubbed ‘Uptown Arts Residence’. The 45-storey project will offer 452 units sizing 42-168sqm., with completion target in 2024. Around P10bn in sales is seen from the project.

SHLPH expands network:

Pilipinas Shell Petroleum Corp. (SHLPH) has 1,054 gas stations & intends to grow its network to 1,200 by 2020. The target is to set up 50-70 new stations each year. The firm also intends to grow Select convenience stores & deli2go stores by 15-20 stores/year.

Udenna, not CLC, on monorail proposal:

Chelsea Logistics Holdings Corp. (CLC) clarified it has not submitted any unsolicited proposal for a monorail system in Davao, as it was Udenna Corp. that participated in the project. The said undertaking has been endorsed to NEDA for approval.

Ex-date 17 Oct. 2018:

San Miguel Food and Beverage, Inc. (FB) P0.40, payable 31 Oct.

フィリピン経済指標

Non-infra spend cuts seen from suspension of excise tax on fuel for 2019:

Finance chief Dominguez said the P40bn revenue loss from fuel excise tax suspension will be covered by cuts in non-infra spending. From P2.50/liter increase for diesel this year & P7/liter for gasoline, the original proposal for 2019 is P4.50/liter for diesel, P9/liter for gas.

8-month remittance +2.4%:

8-month remittances grew 2.4% to $21.2bn, even as the figure fell 1.4% to $2.76bn in August. BSP targets 4% growth in remittances for 2018.

Converge ICT partners with KT:

Converge ICT of Dennis Uy Pampanga will parter will Korea Telekom (KT). Bid submission is slated on 07 Nov.

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