Finance Manila - Philippines, business, tech, travel, life in the metro

PSEI 3,666.54 up73.13 Change 2%
Value php    6,661,439,381

Dow Jones    10,269.47    +254.75    (2.54%)
S&P 500    1,080.29    +30.96    (2.95%)
Nasdaq    2,176.84    +62.81    (2.97%)

Wall Street surges over 2.5 percent after strong U.S. and Chinese manufacturing reports relieved some of the mounting worries over the global economy.

The Philippines had such a strong day that only two index stocks declined, namely: MER SMC.

Leading the index gainers were AC +11 psei points 368, BPI +10 psei points 50.2, MBT EDC AGI PX FLI MEG.  Other bank BDO performed also well at 53.85, but PNB seems to be lagging.  hitting a 41.90 but a lot of selling brought it down to 41.25 before a close of 41.40.  Macquarie’s selling has turned less aggressive, but new seller UBS poured on the supply.  Read more... (191 words, estimated 46 secs reading time)

PSEi 3,593.41 up 27     0.76%
value php 6,835,298,232.17

Dow Jones    10,014.72    +4.99    (0.05%)
S&P 500    1,049.33    +0.41    (0.04%)

Consumer Confidence Index for August was 53.5, up from a revised 51.0 in July, and better than the 51.0 forecasted. While positive, the reading is line with consumer confidence a year ago, meaning little has changed in the minds of consumers.  This was enough to save a plunging wall street, erasing half percent losses from early trade.  However, The bleaker news was from a reading of business activity in the Midwest, where The Chicago Purchasing Managers index came in at 56.7, a low level for the year, and weaker than the 57.6 expected for August. The index was 62.3 in July.  This caused a tug of war and netted a flat close for their major indeces.  Read more... (386 words, estimated 1:33 mins reading time)

PSEi  3,613.37  up 19.77 pts. / 0.55%
Value     Php 4.83B

Dow Jones    10,213.62    -57.59    (-0.56%)
S&P 500    1,071.69    -3.94    (-0.37%)
Nasdaq    2,179.76    +0.81    (0.04%)

Weakness in economic sentiments and data continue to sink markets slightly, both in Wall Street and Asia.

The Philippines, undaunted, shoot to new 52 week highs at 3613.  Mega rising tide stock TEL 2450 was responsible for 10 psei points while AC 356.80 took care of 8 gained psei points.  Other strong index issues were SM AEV URC MEG GLO FLI SMC.  Basically you can view it this way: just as other index stocks appear to be resting, “laggard” blues TEL AC take the rein, making it appear that the index “needs correction” but in truth, the others like some banks and properties are already correcting in their own way.  Read more... (234 words, estimated 56 secs reading time)