Philipines Market Insights 2018.12.20

フィリピン株式ニュースハイライト

News Highlights: On Wall Street, sentiment was strained as expectations were dashed for a more dovish Fed, pulling gauges lower. On the local front, Smart plans to create more ‘5G cities’ in 1H19 while Phoenix Petroleum Philippines, Inc. (PNX) obtained SEC’s go signal for P10bn commercial paper (CP). Meanwhile, BSP said November’s balance of payment (BoP) swung to a surplus of $847mn bringing 11-month BoP deficit to $4.747bn (+167%).

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

MOC-boost lifted gauges higher, PSEi @7,579: After touching an intra-day low of 7,407, last-minute buying guided local equities to higher terrain, closing 159 points up at 7,579 (+2%). Key sector winners were holdings (+2.7%) & financials (+2.3%). SM (+P30 at P950); JGS (+P3.40 at P54.40); BDO (+P5 at P130.50); & SMPH (+P1 at P35.90) led index mover advancers, while AC (-P4.50 at P914); SMC (-P2.10 at P148); & PCOR (-P0.11 at P8.10) weakened. Turnover remained modest at P5.84bn, with gainers-losers at 124-60. Net foreign selling narrowed 89% to P73mn.

Seizing an advance: Sellers might seize the recent advance to cash out, as attention might be swayed to regional markets’ reaction to the Fed’s 25bps rate hike move. Prospective last-minute push however, might still allow sessions to finish with few gains, or limit its decline. Funds flow would skew on net foreign flows, especially for large caps. Immediate support is 7,500, resistance 7,600.

ASIA

Marts mixed: Asian stock markets were mixed Wednesday as market players are on their toes ahead of the last US FOMC meeting this year with uncertainties on Fed’s next moves as well as weaker-than-expected Japanese trade data.

WALL STREET

Fed raises rate, US equities weakened: Sentiment was strained as expectations were dashed for a more dovish Fed, pulling gauges lower. The Fed raised interest rates by 25bps & Powell said they would continue drawing down their balance sheet by $50bn each month. DJIA -351 points, 23,323 (-1.5%), Nasdaq Comp. -147pts, 6,636 (-2.2%).

COMMODITIES

Crude recovered: Crude futures rebounded Wednesday gaining $1.10 to $47.70/barrel following Energy Information Administration (EIA)’s report showing a dropped in crude supplies by 500k barrels for the week ended Dec. 14.

フィリピン国内各企業動向

TEL’s Smart plans more 5G cities:

Smart plans to create more ‘5G cities’ in 1H19, with various areas with different vendors. Higher capex is set for 2019, vs. 2018’s P58bn. PLDT Inc. (TEL) also built ‘Smart 5G Technolab’ last June for R&D efforts.

SEC cleared PNX’s P10bn CP float:

Phoenix Petroleum Philippines, Inc. (PNX) obtained SEC’s go signal for P10bn commercial paper (CP). 70% of proceeds will be used for importation of fuels & lubricants, the balance for repayment of short-term loans.

AP sets rate for fixed rate notes:

Aboitiz Power Corp. (AP) has set 7.5095% for its fixed rate bonds due 2024, and 8.5091% due 2028. No further details were given.

フィリピン経済指標

BoP surplus for Nov., 11-month was deficit of $4.747bn:

BSP said November’s balance of payment (BoP) swung to a surplus of $847mn, reversing prior year’s $458mn deficit. The results brought the 11-month BoP deficit to $4.747bn (+167%). The 11-month deficit was due to widening trade deficit.

Villar camp submits proposal for Iloilo airport:

Transpo USec. Reinoso said Villar Group submitted an unsolicited proposal to operate, maintain & expand Iloilo int’l. airport. Reinoso said the project has been endorsed to Civil Aviation Authority for grant of original proponent status, which will be subjected to a Swiss challenge thereafter.

PNOC cited obstacles in LNG project:

PNOC chief Lista admitted that as a GOCC, PNOC is bound by stringent gov’t. regulations that include obtaining budget approvals, which restricted its proposed LNG terminal plan. Lista said this in response to DoE Sec. Cusi’s statement that he would have proceeded with the project & sought partners later. Lista also denied that PNOC is far from being non-performing.

Clark passengers breach 2.5mn mark:

Clark Int’l. Airport (CIAC) accommodated 2.5mn passengers as of 17 Dec. The highest record was via Emirates bound for Dubai. CIAC sees passengers to reach 2.6mn by end-2018.

Trina Solar offers Trinahome:

Int’l. solar energy solutions provider Trina Solar launched Trinahome, a plug-and-play solar rooftop solution for residential & SME users. Trinasolar has solidified its position in commercial, industrial & utility segment in the local market.

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