Skip to main content

Philippines Stocks Surge Amid Optimism on Pres. Duterte's Trip to China

President Rodrigo Duterte's first state visit to China made a positive impact in the Philippine stocks as it advanced the most in five months amid optimism the his visit to China will improve relations and yield a raft of business deals.



At the close of trading in Manila at 3:30 p.m. local time, the Philippine Stock Exchange Index rose 2.9 percent to 7,571. It is considered as the steepest gain since May 11. Some of the most prominent businesses owned by Filipino-Chinese businessmen rise significantly. SM Prime Holdings Inc., of mall developer Henry Sy, which operates malls in the Philippines and China, jumped 6.5 percent, while another Filipino-Chinese business owner Tony Tan Caktiong of Jollibee Foods Corp. added 4 percent.

According to James Lago, head of research at PCCI Securities Brokers Corp. in Manila, there is optimism that the pivot to China will yield results. He added further that the Philippine market is also at such oversold levels already that valuations are now more reasonable.
The 71-year-old President from Mindanao, Pres. Rody Duterte started his four-day state visit to China on Tuesday, bringing with him more than 400 business leaders, including some of the wealthiest Philippine tycoons.

The meeting with Beijing will provide an opportunity for a reset of relations with the country's biggest trading partner, which have been strained by territorial disputes in the South China Sea or the West Philippine Sea.

Aside from SM Prime Holdings and Jollibee's positive results in the Philippine Stock Market other investors such as SM Investments Corp., parent of SM Prime, climbed 4.1 percent, while JG Summit Holdings Inc., the operator of Robinsons, Cebu Pacific and Universal Robina, jumped 6.6 percent. Bloombery Resorts Corp. also rose by 3.1 percent.

The Philippine Central Bank also announced that based on their data gathered on Monday it showed that money sent home by Overseas Filipino Workers in August grew 16.3 percent, three times the average of economists estimates in a Bloomberg survey.

Source: Bloomberg Markets

Popular posts from this blog

Tech 2017: Biggest fails, scandals and embarrassments

© Provided by IBT US This year brought many tech innovations and products, like the iPhone X, virtual reality headsets and augmented reality on apps. However, the tech industry also saw failures this year. Like all businesses, not all products or ideas succeed. The tech industry saw some of its gadgets fail to take off. Besides product failures, the sector was also plagued by scandals and congressional testimonies. Here are the tech industry’s 2017’s top product flops and scandals: Amazon Key In late October, Amazon announced a new delivery method for Prime members which allows drivers to set packages inside customers’ home . The delivery system works with the Amazon Key In-Home Kit that is set up for $249.99. With the kit, users can select the “in home” option on the app and get their items delivered inside their homes. Prime members can receive alerts and can see the delivery happen in real-time through the app. While the service was pitched to people who are too busy to s...

Tesla cloud account hacked to mine cryptocurrency

© Provided by The Hill An unidentified outside hacker infiltrated Tesla's Amazon cloud account and used its systems to quietly mine for cryptocurrencies, a cybersecurity firm announced Tuesday. The hack also potentially exposed the electric car company's data. Researchers for RedLock found that Tesla's credentials on an IT administrative console were not password protected. They made the discovery while trying to track down which organizations had left their Amazon Web Services (AWS) credentials openly exposed on the internet last month. The hackers quietly hijacked the console and began running scripts to generate virtual currency like bitcoin, the latest in a series of "cryptojacking" attacks. The researchers also found the hackers used "sophisticated evasion measures" to go undetected. A spokesperson for Tesla said the company learned about the breach in a company-sanctioned bug bounty program that pays outside hackers to discover vulnerabilitie...

Apple named ‘most innovative’ company by a magazine

© Provided by IBT US Apple has just been named as the “Most Innovative” company of 2018 by a business magazine. The reasons cited why the Cupertino giant emerged triumphant on the list included the company’s ability to design processors that are optimized for its latest hardware and software.  Fast Company published Tuesday its list of the World’s Most Innovative Companies 2018 in the consumer electronics sector and Tim Cook’s company was the one that snagged the top spot. The publication indicated in the list that the main reason why Apple ranked the highest was because it produced the “phone of the future” for today’s market.  The magazine also published a lengthy explanation on why Apple is worth the “most innovative” title this year. According to Fast Company, the Cupertino giant had a notable 2017 due to the stellar performances of the wireless AirPods and the Apple Watch Series 3 and the launch of its own AR platform, ARKit, as well as the release of the outst...