Philipines Market Insights 2018.12.11

フィリピン株式ニュースハイライト

News Highlights: On Wall Street, Tech shares recovered while bank stocks fell, on uncertainty over Britain’s exit from the EU. On the local front, MER power rates rose P0.0902/kWh for Dec while SN Aboitiz Power-Magat sees its US$300k, pilot floating solar energy in Magat dam completed 1Q19. Meanwhile, Fitch Solutions Macro Research sees 50bps rise in 2019’s key policy rate as inflation remains elevated.

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

Trades tracked US equities’ weakness, PSEi @7,348: Local sessions swayed to US equities’ sharp decline (DJIA -558, Nasdaq Comp. -219 points), pulling the PSEi 112 points at 7,348 (-1.51%). All sectors weakened led by holdings (-2%) & financials (-1.6%). Among index movers, SM (-P40 at P900); BDO (-P5.20 at P128); FGEN (-P0.66 at P18.66); & SMC (-P5.10 at P157.10) fell, while URC (+P1 at P128); AEV (+P0.30 at P50.60); DMC (+P0.12 at P12.70) gained. Turnover reached P5bn, with gainers-losers at 59-134. Net foreign buying however, was up at P3.96bn.
Within range: Flattish, possibly with an upward bias, might guide Tuesday’s trade, with eyes set on the outcome of local monetary officials’ last rate policy meeting this year. Apart from Wall Street’s recovery, consensus point to possible status quo on domestic interest rates, which should give the market some sigh of relief. Given yesterday’s net foreign buying, eyes are set on the continuation of this trend. Trade a range, buy on dips & opt for modest gains. Immediate support is 7,280-7,300, resistance 7,350-7,370.

ASIA

Marts dropped: Asian stock markets fell on Monday as uncertainties on US-China trade woes and implications of Huawei CFO’s arrest weighed down market sentiment.

WALL STREET

US equities recovered: Tech shares recovered while bank stocks fell, on uncertainty over Britain’s exit from the EU. DJIA +34 points, 24,423 (+0.14%), Nasdaq Comp. +51pts, 7,020 (+0.74%).

COMMODITIES

Crude dropped: Crude futures dropped Monday as market sees OPEC’s decision to cut production may not be enough considering a downward forecast of demand amid US-China trade dispute. West Texas Intermediate (WTI) shed $1.61 to $51.00/barrel.

フィリピン国内各企業動向

MER Dec. rates up:

Manila Electric Company (MER)’s power rates rose P0.0902/kWh for Dec., or an increase of P18 in the monthly bill for households consuming 200kWh. The rise stemmed from higher generation charges at P5.3303/kWh vs. Nov.’s P5.2725/kWh, as a result of higher PSA & IPP charges due to lower average plant dispatch.

AP unit’s solar pilot plan completed 1Q19:

SN Aboitiz Power-Magat sees its US$300k, pilot floating solar energy in Magat dam completed 1Q19. The initiative would determine if Aboitiz Power Corp. (AP) & SN Power of Norway would advance the 200-kilowatt solar farm to 30-50MW.

MRC raises solar capacity:

MRC Allied, Inc. (MRC) aims to boost solar generation by adding 42MW in 2019. This includes a 12MW solar plant in central Luzon. MRC’s main plan is to add 100MW in the next 2 years & will invest $1mn for this program.

フィリピン経済指標

Fitch sees 50bps rise in 2019:

Fitch Solutions Macro Research sees 50bps rise in 2019’s key policy rate as inflation remains elevated. However, easing of rice import rules & suspension of oil excise tax would help rein in inflation.

SPSBC franchise cleared:

Congress approved on 3rd & final reading the 25-year, nationwide microgrid franchise of Solar Para sa Bayan (SPSBC) of Leandro Leviste. SPSBC aims to put up solar facilities in remote areas of the Phils.

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