Music Offerings From Globe
Globe Telecom, Inc. (GLO) has partnered with six international telecommunication firms to undertake a $250 million undersea cable system that will directly connect Southeast Asia and the United States (SEA-US) to provide Limited availability music. GLO earmarked around $80 million for the said cable system, which is expected to be completed in the [Continue]
Benchmark Index Below 7100 Level
The local equities benchmark index ended below 7,100-level on continued profit-taking as market players took advantage of price strength from the MSCI quarterly rebalancing trades. The PSEi retreated 49.81 points, or -0.70% to close at 7,050.89. Sectoral indices’ gainers and losers ended evenly, as mining and oil (+0.62%) led the gainers, while
David Gilmour Stratocaster
Data from the United Nations Industrial Development Organization showed that the Philippine manufacturing sector expanded faster than the average global growth rate for the past three years. Based on manufacturing value added from 2010 to 2013, the local manufacturing sector grew 5.77% on average, higher than the 4.97% average growth in the ASEAN
Local equities ended higher
Local equities ended higher, ahead of the FOMC and BSP meetings scheduled this week. The PSEi added 17.12 points, or 0.25%, to close at 6,867.59. Sectors ended mixed, with services (+0.89%) and financials (+0.35%) leading the gainers, and property (-0.33%) and industrials (-0.31%) leading the losers. Market breadth was negative, with 106 declines
East West Banking Corp Planning to Raise Capital
East West Banking Corp. (EastWest Bank) is planning to raise up to Php5 billion from the sale of a maximum of 500,000,000 perpetual non-cumulative preferred shares at a par value of Php10 per share. The company stated that the share sale would qualify as Additional Tier 1 capital of the bank under Basel 3 regulations.
Uneventful Trading Week For Local Equities
Given this short and uneventful trading week, the local equities market appreciated slightly, tracking US markets. Continued optimism on Q1’14 Corporate Earnings, due out within the month, helped achieve today’s outperformance. The PSEi added 32.11 points, or +0.49%, to close at 6,621.66. All sectoral indices ended positive led by
Lower Job Openings in January for the US
According to the US Labor Department, employers posted 3.974 million job openings in January, lower than the market estimate of 4.015 million. However, January’s figure was 1.5% higher than December’s numbers. On average, there were about 2.6 unemployed citizens per job opening, somewhat close to the 2:1 ratio typical of healthier economies.