Philippine market news and economic recap: August 4-8, 2008
August 12, 2008
Update on the Philippine market and other economic news, for the week ended August 4 to 8, 2008.
Philippine inflation rate hits 17-year high of 12.2%
The country’s inflation rate rose to 12.2% in July from 11.4% in the previous month to post its highest rate since December 1991. Food, beverage and tobacco led the groups of commodities with the largest increases, with prices rising by 17.8%. Price increases in fuel, light and water, however, slowed down to 5.5% from 7.6%. The average inflation during the first seven months of the year now stands at 8.3%.
Philippine market news and economic recap: July 28-August 1, 2008
August 5, 2008
Update on the Philippine market and other economic news, for the week ended July 28 to August 1, 2008.
GMA delivers 8th SONA
President Gloria Macapagal-Arroyo delivered her 8th State of the Nation Address (SONA) on 28 July 2008 and defended that the expanded value added tax law, among others, allowed the Philippines to better weather the impact of food and oil price volatility. Various issues regarding food security, agrarian reform, energy, population control, peace and order, corruption, and the environment were also cited during the SONA. She also announced that telecommunication firms agreed to temporarily cut the cost of text messaging to P0.50.
Notice of Stockholders’ Meeting of listed Philippine firms
May 11, 2008
Last month, we wrote about the schedule of the Stockholders’ Meeting of some of the Philippines’ publicly listed firms. Here are the information for some more companies.
Again, the Annual Stockholders’ Meeting is an opportunity for a company’s shareholders to listen to their executives talk about the firm’s performance during the past year and plans and projects for the upcoming year. Major issues related to the operations of the business are also tackled and several high-level decisions that need stockholders’ approval are discussed.
Sked of Annual Stockholders Meeting of listed firms
April 16, 2008
The Annual Stockholders Meeting is an opportunity for a company’s shareholders to listen to their executives talk about the firm’s performance during the past year and plans and projects for the upcoming year. Also during this time, major issues related to the operations of the business are tackled and several high-level decisions that need stockholders’ approval are discussed.
Here’s a list of the Stockholders’ Meetings of some of publicly-listed Philippine firms. If you own shares of these firms before the ex-date (four days before the Record Date), you are eligible to participate in the Meeting. Normally, you just need to bring a Certification that you own shares of company to be able to attend the meeting. Contact your broker for details on how you can get this Certification.
ABA offers stock rights to shareholders
December 20, 2007
Abacus Consolidated Resources Holdings, Inc. (Stock Code: ABA) is offering additional shares through a 1:4 Stock Rights Offering to all stockholders as of ex-date of December 18, 2007.
Holders of ABA shares before the ex-date are entitled to the offering. Offer price is Php 0.01 per share.
Proceeds from the rights offering will be used to assist its operating partner in progressing the company’s mining interests.
More about stock rights after the jump.
Exercise your Metro Pacific warrants and earn 335%
December 12, 2007
Metro Pacific Corporation (Stock Code: MPI) announced that its stock warrants acquired through tender offer or purchased in the open market can now be exercised and converted to MPI common shares.
The stock warrants, issued on October 23, 2006, can be converted to MPI common stock at a price of P1.00 per share until December 14.
With MPI’s stock closing at P4.35 on December 12, if you converted those warrants, you are are technically earning P3.35 per share or 335% from the conversion price. That, however, is still gross of associated fees, taxes, and the warrant acquisition cost.
(Oct. 15-19 Stocks Update) PSEi lower due to US concerns, rising oil prices
October 22, 2007
The Philippine stock market lost its early momentum last week and closed 0.12% lower at 3,819.75 following the growing uneasiness over the US economy and rising oil prices.
On Monday, October 15, investors snapped up stocks after returning from a 3-day weekend, with the composite index (PSEi) finishing at 3,861.38, nearly 1% higher from the previous week’s close.
Investor sentiment dampened during the week, however, as oil prices became volatile and concerns over the US economy continued.
Week-to-week and Year-to-Date (YTD, i.e., beginning of the year until this week) performances of the Philippine equity sectors are as follows:
(Legend:) Market Sector : Week’s Closing ; 1-Week Change ; YTD change
- PSEi : 3,819.75 ; -0.12% ; 28.07%
- All Shares Index : 2,388.18 ; -0.21% ; 28.37%
- Financial Sector : 966.81 ; -2.22% ; 17.50%
- Industrial Sector : 4,746.99 ; -0.94% ; 20.47%
- Holding Firms Sector : 2,143.05 ; -2.05% ; 23.78%
- Property Sector : 1,774.01 ; 2.58% ; 38.14%
- Services Sector : 1,879.82 ; 1.03% ; 26.08%
- Mining and Oil Sector : 8,203.46 ; 7.08% ; 81.18%
Here are last week’s top 10 gainers and losers.
