BusinessWorld
February 14, 2021 | 9:00 pm
THE MARKET is expected to trade sideways this week as investors look forward to the start of the government’s coronavirus disease 2019 (COVID-19) vaccination program and following the central bank’s decision to keep interest rates at their current record lows.
The benchmark Philippine Stock Exchange index (PSEi) declined by 91.14 points to close at 6,991.01 on Thursday from its 7,019.18 close on Feb. 5. Financial markets were closed on Friday in observance of Chinese New Year.
The market’s average value turnover went up by 23.97% last week to 12.36 billion.
“The local index closed the week in the red after attempting to head higher through the week. The market’s strength early in the week was likely driven by global investor optimism on renewed recovery and vaccine prospects. However, this strength eventually faded as prices hit resistances, and investors took profits following the gains over the past two weeks
January 14, 2021 | 12:03 am Font Size
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PETRON Corp.âs additional investment of P3-billion in its Bataan refinery and its registration as an enterprise in the provinceâs freeport area are a big boost to the oil companyâs operations while easing its tax concerns, analysts said.
âPetronâs infusion of a considerable amount of money to improve its refinery operations after it secured approval from the freeport authority of Bataan signals its interest in revitalizing its operations and pursuing future economic gains,â said Cid L. Terosa, senior economist at the University of Asia and the Pacific (UA&P) School of Economics.
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THE DECISION of the Philippine Stock Exchange (PSE) to tighten its rules on voluntary delisting has also given additional control to minority stakeholders, analysts said.
âThe PSEâs additional rules (on voluntary delisting) are enough and give extra protection to minority shareholders,â said AAA Southeast Equities, Inc. Research Head Christopher John Mangun in an e-mail interview.
On Dec. 21, the PSE released a memorandum confirming that the Securities and Exchange Commission (SEC) had approved changes to voluntary delisting rules.
âThe delisting must be approved by: a. At least two-thirds of the entire membership of the board, including the majority, but not less than two, of all of its independent directors; and b. Stockholders owning at least two-thirds of the total outstanding and listed shares of the listed company,â the PSE said in the memorandum.
December 28, 2020 | 12:01 am Font Size
OUTLIER
DESPITE the lack of catalyst during last weekâs shortened trading, SM Prime Holdings, Inc. is expected by analysts to recover on the back of holiday spending as well as the gradual reopening of the economy.
A total of 26.73 million shares worth P1.022 billion were traded from Dec. 21 to 23, making SM Prime the third most actively traded issue last week, data from the Philippine Stock Exchange showed.
Financial markets were closed on Dec. 24 and 25 in observance of the Christmas holidays.
Shares in the Sy-led property developer inched up by 1.7% to P38.55 apiece last Wednesday from the P37.90 finish last Dec. 18. The stock has risen by 67.6% since the start of the year.