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Philippine Stock Market gains 63.27 points; Closes 1.46% higher at 4,403.54
Shares at the Philippine Stock Exchange jumped 63.27 points to close at 4,403.54. All indices were positive with mining and Oil leading the way with a gain of 2.9%. Bargain hunters were back, with PSEi index heavyweight Philippine Long Distance Telephone Co., (Stock Code : PLDT) seeing its shares jump by 1.6% to close Php38 higher at P2,346.00. Other blue chip stocks also appreciated as the market climbed back from a bloody session yesterday. Value turnover stood at Php5.07 billion with 89 stocks advancing and 46 declining. 44 stocks were unchanged. Analysts’ outlook for the domestic market is positive, with Philippine stocks seemingly shrugging off the concerns of the US and European financial situation.
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Philippine Gov’t auctions off Php9B worth of 7-year treasury bonds
Philippine banks flocked to Tuesday’s auction of 7-year treasury bonds. Bids for the securities reached Php44.06 billion, four times the Php 9 billion put up for offer by the Philippine Bureau of Treasury. The BTr accepted Php9 billion owrth of bids and decided not to increase the amount as it stated that there was no urgency to borrow more than what was programmed. The 7 year T-Bonds fetched a rate of 5%, down by around 91 basis points from the previous awarded rate. Tight competition from local banks, which currently have high liquidity, might have contributed to the lowered rate.
Philippine OFW Remittances Hit Monthly High of $1.737B in June 2011
Overseas Filipino Workers remitted a new monthly record of USD1.737 billion last June, 2011. This was based on a report by the Bangko Sentral ng Pilipinas (Central Bank of the Philippines). BSP noted that the record inflows from OFW remittances happened despite numerous concerns that currently confront Philippine overseas contract workers. OFWs are currently challenged by the recent tensions and unrest in various Middle Eastern countries, which is a major destination of Philippine OFWs. They are also dealing with a lower dollar exchange rate which erodes the purchasing power of their relatives in the country. The BSP Governor, Amando M. Tetangco Jr. has stated that remittances from OFWs was up 7% to $1.737 billion in June from $1.623 billion a year ago. The biggest gain was recorded from sea-based workers at 15 percent while land-based worker remittances were up 4.2 percent. The biggest sources of OFW money are the US, Canada, Saudi Arabia, the United Kingdom, Singapore, United Arab Emirates, Italy, and Germany.
UnionBank to Purchase International Exchange Bank
Union Bank of the Philippines (Stock Code : UBP) has announced that it is acquiring up to 100% of medium-sized International Exchange Bank (Stock Code : IBNK). Should UBP decide to buy 100% of IBank, the deal would amount to Php 13 billion. Major shareholders of IBank have already accepted the proposal from UBP. The merger would result to the Philippine’s 9th biggest bank in terms of assets. The deal is expected to be completed within 30 days.
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Philippine Companies’ Earnings Reports 1st Half 2011
Globe Telecoms Posts Php5.5B net profit for H1 2011; Up 9% YoY – Globe Telecoms (Stock Code : GLO), the Philippines’ 2nd largest telecommunicaitons operator, has announced net income of Php5.5 billion, up 9% from Php5.4 billion last year. The company also announced a cash dividend of Php31 per common share which is payable on Sept. 19, 2011 to shareholders on record as of August 22, 2011. This is despite a very tough competitive environment as the country’s No.1 telecoms operator, Smart Communications, recently bought out the No. 3 telecoms operator, Sun Cellular.
Petron doubles H1 income to Php6B – Petron Corporation (Stock Code : PCOR), the Philippines’ largest oil refining and marketing company has announced a remarkable net income of Php6 billion for the 1st half of the year, effectively doubling last year’s Php2.9 billion net income for the same period. Petron commands a 38% market share of the oil market in the Philippines.
RCBC H1 2011 net income up 5.4% YoY; Nets Php2.22B - Rizal Commercial Banking Corporation (Stock Code : RCB) has announced Php2.22 billion in net income for the 1st half of the year. This represent a 5.4% increase from last year’s figures. Increased interest income from operations was cited as the main driver for growth. The bank was also pleased to announce that its net interest margin of 4.2% was among the highest in the Philippine banking industry.
Alaska Milk H1 2011 Net Income Dips to Php461M; Down 56% YoY – Philippine milk giant Alaska Milk Corporation (Stock Code : AMC) announced a net income of Php461M for the 1st half of 2011. This represents a 56% drop from last year’s figures. The lower income was attributed to slower milk sales as compared to last year when sales were pushed up by the Philippine presidential elections and the El Niño phenomenon in the country. However, AMC has seen a slow uptick in sales during the 2nd quarter.
Alliance Global announces 119% surge in H1 net profit; Books net income of Php8.1B – Alliance Global Group Inc. (Stock Code : AGI), the holding company of Philippine Taipan Andrew Tan, reported H1 2011 sales of Php8.1 billion. This represents a 119% jump from last year’s numbers. AGI, whose holdings include real estate development, liquors and is also the Philippine franchise holder of McDonald’s reported growth on all areas of the business, the bulk of which came from the sales of Megaworld properties, the real estate arm of the conglomerate.
Jollibee H1 2011 net income down 8.3% to Php1.31B – Philippine fastfood giant Jollibee Foods Corporation (Stock Code : JFC) declared a net income of Php 1.31 billion for the 1st half of 2011. This figure is 8.3% lower year on year. Higher raw material costs and other finance charges related to recent acquisitions were cited as the reasons for the lower net income despite revenues rising 15.3 percent to P29.55 billion.
Philippine Peso Exchange Rate