News Highlights: Aboitiz Power Corporation (AP) is continuously expanding its renewable energy (RE) portfolio in the country for the development of all its hydropower projects, which currently stands around 97MW. Meanwhile, the country’s balance of payments (BOP) position weakened in October to a deficit of $368mn from a modest surplus of $24mn in September, with outflows stemming mainly from the foreign exchange operations of the central bank as well as the payments made by the national government for its maturing foreign exchange obligations. The gov’t also plans to spend P771.1bn in Q4, lower by 3% from the P801.1bn programmed for Q3.
Mart starts the week on flat note, PSEi @ 8,322: Trading was floating on positive territory throughout the day before ending with a meager gain of 11pts. Sectors ended mixed, with Financials (+0.74%) and Holdings (+0.18%) pushing the benchmark higher. Among actively traded shares were: SM (+P14.50 at P980.00), MER (unch. at P322.00), BPI (+P0.95 at P98.50), PXP (+P0.82 at P9.80), and BDO (+P2.50 at P148.70), on 5.6bn turnover. Losers outpaced gainers, 80-122, with net foreign buying at P294.42mn.
Consolidation might continue: Mart might continue to test its strength following the latest balance of payments deficit in October, reversing from a modest surplus in September. Upbeat Wall Street performance, though, might bolster some strength in the market. Immediate support 8,200, resistance 8,400.
Shares mostly higher: Asian bourses started the week in mostly green territory, though Japanese shares reversed intra-‐day gains to settle 135pts lower as the yen strengthened against the dollar.
Shares rally on corporate earnings: The US stock market closed higher Monday, led by the Dow as investors continued to focus on corporate earnings and prospects for tax cuts.
Prices lower ahead of OPEC meeting: Crude oil prices settled lower on Monday ahead of the OPEC meeting in Vienna, where it’s widely expected that OPEC and non‐OPEC producers will agree to extend output curbs. West Texas Intermediate (WTI) shed $0.46 to $56.09/barrel.
AP to continuously expand its RE portfolio:
Aboitiz Power Corporation (AP) is continuously expanding its renewable energy (RE) portfolio in the country for the development of all its hydropower projects. As of now the Aboitiz Power’s hydro projects that are in advanced developments already stood around 97MW.
MEG to build ‘Maple Grove Township’:
Megaworld Corporation (MEG) will build ‘Maple Grove Township’ on its 140ha. Gen. Trias, Cavite property. It will have a 6-lane main ave., with commercial lots at 360-1,008sqm., set for completion in 2022.
VLL Int’l prepares the issunace of $1bn:
Vista Land & Lifescapes, Inc. (VLL) Int’l prepares the issunace of $1bn, 7-year medium‐term note program with initial price guidance of 6.125%. Proceeds will refinance 2018 & 2019 bonds.
MAXS introducing new concept store:
Max’s Group (MAXS) will introduce new concept store in UAE & Qatar for its quick service resto (QSR) segment. Part of the chicken offering will fearure Tandoori, bbque, lemongrass & ranch.
BOP weakens to $368mn in October:
The country’s balance of payments (BOP) position weakened in October to a deficit of $368mn from a modest surplus of $24mn in September, with outflows stemming mainly from the foreign exchange operations of the central bank as well as the payments made by the national government for its maturing foreign exchange obligations.
BTr sells retail T‐bonds:
The Bureau of the Treasury (BTr) raised P130 billion yesterday from the sale of five-year retail treasury bonds (RTBs) at a coupon rate of 4.625 percent amid healthy demand from investors.
PH talent strongest in 5 yrs:
From 57th place last year, The Philippines climbed 10 places in the latest World Talent Rankings (WTR) to 45th, the country’s strongest performance in five years. Philippines’ skilled labor rose the highest in the Readiness factor, climbing to 11th place in 2017 from 23rd in 2016. But the low human capital investment is one of the weak factor.
Gov’t to spend lower in Q4:
The gov’t plans to spend P771.1bn in Q4, lower by 3% from the P801.1bn programmed for Q3. Budget Secretary Benjamin Diokno said disbursements in the third quarter are usually higher than the fourth, based on spending trends from previous years.
SEC against crowdfunding:
The Securities and Exchange Commission (SEC) is now looking at crowdfunding activities that are all over the internet. SEC has filed cases against lenders that are not registered with the agency or have used fake bank documents to make their businesses appear as legitimate.