How PSEi member stocks performed — January 9, 2024
Here’s a quick glance at how PSEi stocks fared on Tuesday, January 9, 2024.
Meralco battles Phoenix for the twice-to-beat edge in quarters
Games Today
Smart Araneta Coliseum
4 p.m. — Phoenix vs Meralco
8 p.m. — NLEX vs Converge
A COVETED Top 4 ranking with twice-to-beat advantage in the PBA Commissioner’s Cup quarterfinals is within sight for both Meralco and Phoenix.
Expect the Bolts and the Fuel Masters, currently in a logjam for No. 2 at 7-2, to pull out all the stops to get there.
With this as backdrop, Meralco and Phoenix engage today at the Smart Araneta Coliseum in a livewire duel with one of the sought-after playoffs bonuses on the line.
Game time is 4 p.m. with the victor taking the second incentive in the Last-8 after Magnolia (9-2) and leaving the loser in a race with the charging San Miguel Beer (7-3) and Barangay Ginebra (7-3) for the remaining two.
“Very crucial (game) for both teams,” Phoenix coach Jamike Jarin. “As far as I know, whichever wins gets the twice-to-beat advantage, Top 4, so we have to prepare and be ready.”
Meralco counterpart Luigi Trillo stressed how a loss could mess up things for his squad.
The Bolts hope to build on their 85-80 verdict over pacesetting Magnolia (9-2) in Iloilo over the weekend in this pivotal encounter while the well-rested Fuel Masters look to rebound from 96-117 loss to San Miguel Beer last Christmas.
Meanwhile, ninth-running NLEX (3-6) fights to stay in the hunt for the eighth and last quarters berth as it battles also-ran Converge (1-8) at 8 p.m. The Road Warriors are eyeing to draw level with idle TNT (4-6) at No. 8.
Frankie Lim’s team has brought in a new import in Deandre Williams Baldwin in place of Stokley Chaffee Jr. in a bid to salvage its bid.
Williams Baldwin is coming off a stellar stint with Memphis in the NCAA, where he logged impressive averages of 17.69 points, 8.17 rebounds, 2.91 assists, and 1.46 steals per game in his senior year.
Though out of it all, the FiberXers are expected to fight for pride and create momentum for next conference before they bow out of the season-opening tournament. — Olmin Leyba
Alex Eala in another early Australian Open exit
ALEX EALA stumbled to another early exit in the Australian Open, absorbing a 6-2, 7-5 defeat against Sweden’s Rebecca Peterson in the first round of the qualifying draw on Tuesday at the Rod Laver Arena in Melbourne.
Ms. Eala, 18, got off to a slow start and not even a stronger outing in the second frame could put her over the hump against the 28-year-old Swedish ace.
The Filipina tennis wunderkind stood her ground in the opening salvo with only a 2-3 gap only to surrender the next three games as the 18th-seeded and WTA No. 128 Peterson banked on her crisp serves highlighted by six aces.
Ms. Eala, WTA No. 185, came out with guns ablaze in the second by taking a 5-4 cushion after breaking Peterson’s multiple serves but she once again ran out of steam in the clutch by yielding the last three games.
It’s the second straight first-round exit of Ms. Eala in the Australian Open qualifiers after a 6-4, 6-7, 3-6 defeat against Japan’s Misaki Doi last year that served as her debut in the women’s pro level.
She was a former junior doubles Grand Slam winner in the 2020 Australian Open with Indonesian pal Priska Madelyn Nugroho.
Ms. Peterson, with 14 titles in her career, will face Anastasia Zakharova from Russia in the second round for a shot at the finals of the qualifiers. Zakharova bested Belarus’ Jana Kolodynska in the other first-round pairing, 6-1, 6-3.
Only 16 slots are up for grabs in the 128-woman qualifying draw for the main draw of this year’s first major headlined by world No. 1 Iga Swiatek, world No. 2 and reigning champion Aryna Sabalenka, Naomi Osaka and Angelique Kerber among the few. — John Bryan Ulanday
Baltazar, Heading beef up Strong Group in Dubai tourney
MAHARLIKA Pilipinas Basketball League (MPBL) Most Valuable Player (MVP) Justine Baltazar and Gilas Pilipinas sniper Jordan Heading have been tapped as the latest additions to the Strong Group Athletics squad set to represent the country in the 33rd Dubai International Basketball Championships on Jan. 19 to 28.
Messrs. Baltazar and Heading will join a formidable local crew headlined by UAAP MVP Kevin Quiambao of De La Salle University to backstop their four reinforcements in NBA veteran Dwight Howard, Gilas naturalized player Andray Blatche, Andre Roberson and McKenzie Moore. “Balti (Baltazar) is great. He runs the floor well, has a really good attitude, can rebound, defend, and score. He will be a big help to our team as a local big man,” said Charles Tiu on Mr. Baltazar.
“We really needed another guard and shooter. I think Mr. Jordan fits the bill. It will be my first time working with him and we look forward to having him on our team,” he added on Mr. Heading. Mr. Baltazar is coming off a banner campaign with the MPBL champion Pampanga Giant Lanterns while Mr. Heading is fresh from a solid run with the Nagasaki Velca in the Japan B. League.
A former anchor of La Salle in the UAAP and also in Japan for a brief stint, Mr. Baltazar took the MPBL by storm with averages of 17.1 points, 11.1 rebounds, 4.6 assists, 1.6 steals, and 1.1 blocks per game to win the MVP and championship for Pampanga.
Mr. Heading, for his part, posted 13.4 points, 3.6 assists, 2.8 rebounds and 1.1 steals to help Nagasaki gain a Division I promotion in the B. League.
Other locals strutting their stuff for Strong Group are University of the Philippines’ JD Cagulangan, La Salle’s Francis Escandor, and College of St. Benilde’s Allen Liwag, Justine Sanchez and Tony Ynot.
Mr. Tiu’s coaching staff, meanwhile includes consultant Brian Goorjian and assistant coaches Topex Robinson and TY Tang. — John Bryan Ulanday
John Andre Aguja, best in Asia, zooms to No. 11th in UCI world men’s junior mountain bike rankings
FILIPINO cyclist John Andre Aguja is making a historic ride for glory as he zoomed to 11th in the world men’s junior mountain bike rankings of the Union Cycliste Internationale (UCI), or the International Cycling Federation.
The prodigious teenage rider from Iriga City amassed 222 points after a string of victories in Coupe de Japon MTB in Yawatahama, Japan, Siol MTB Challenge in Korea, Thailand MTB Cup 1 and the Philippine National MTB Xco Championships in Danao City, Cebu. It was made more impressive that Mr. Aguja is the highest Asian in the list with Japanese Yuta Ochino coming in as the second best in the region at 40th.
And Go for Gold, which has fueled Mr. Aguja’s magnificent ascent, is aiming to send its ward to bigger, stronger races abroad.
“Was I surprised with the latest ranking? No. John Andre (Aguja) was just special since the first time we saw him. We knew he’d go places,” said Go for Gold founder Jeremy Go, whose group has also supported chess, basketball, volleyball, sepak takraw, triathlon, duathlon and aquathlon among others.
“We’re still not happy, we still want more for John Andre (Aguja) and we believe that with his talent, skill set, obedience, humility and perseverance.”
“He simply mirrors the talent the Filipinos have when it comes to cycling and we want to further harness that. This is not a success for John Andre (Aguja) nor Go for Gold alone, this is for the country,” he added.
Mr. Go also thanked the backing provided for by their partners — Scratchit, Rudy Project, Storck Bikes, Chris Sports, Science in Sport, Neo Zigma, Shimano Philippines, Maxxis Tires, Mad Crank, CCn Philippines, Booster C, Gatorade, Magene, Exar and Supacaz.
“We need support from these sponsors and I am grateful because in less than a year, we are able to go beyond our initial target for our MTB riders. You see, John Andre (Aguja) is not just a world-class rider in our stable. We hope a Filipino invasion of world MTB will come in very soon,” said Mr. Go. — Joey Villar
Dan Palami steps down as PHL Azkals team manager
PHILIPPINE Azkals team manager Dan Palami has stepped down from the post he’s been handling since the 2010s, ending a tenure highlighted by the Filipino booters’ rise as Asean contenders after years in the doghouse.
Mr. Palami said his decision was meant to give new Philippine Football Federation President John Gutierrez a free hand moving forward.
“I thought it was time and as a courtesy, in deference to what Mr. John will be doing in the next four years,” Mr. Palami said in a presscon with Mr. Gutierrez.
“I don’t want to shackle him with whatever agreements we have previously. And I want to give him elbow room and a free hand to do what he thinks is necessary for Philippine football to move forward and that includes the national team, which is a core component of the PFF program,” he added.
Mr. Palami left after a management stint highlighted by the “Miracle of Hanoi” upset of host and holder Vietnam that cleared the way for a historic semifinal stint in the AFF Suzuki Cup in 2010, silver medal in the 2014 AFC Challenge Cup and qualification to the 2019 AFC Asian Cup.
It’s not immediately known if a coaching change is also in the offing for the Azkals. With Mr. Palami at the helm, German mentor Michael Weiss was signed last June to a one-year deal and steered the side to a draw and a loss in the FIFA World Cup Qualifiers last year. — Olmin Leyba
Nueva Ecija routs RCP Shawarma Shack to stay unbeaten in PSL
ACE FLOOR general Hesed Gabo returned as league-leader Nueva Ecija stayed unbeaten with an easy 100-73 win over RCP Shawarma Shack Demigods in the Pilipinas Super League (PSL) President’s Cup on Monday night at the Filoil EcoOil Centre in San Juan.
Mr. Gabo, fresh from his NLEX stint in the PBA, saw limited action in his first game back with Nueva Ecija but still provided solid impact as the Capitals picked up from where they left off for an 8-0 slate to open the New Year.
Michael Juico (15), Ralph Robin (12), Axel Doromal (11) and Chris Bitoon (10) led the way with Mr. Gabo posting four points, four assists and a steal in only 12 minutes of play for the ball club owned by Bong Cuevas.
“(Mr.) Hesed is a very good addition. He’s my player in our previous championships,” added head coach Jerson Cabiltes.
Like their previous convincing wins, Nueva Ecija, also known as the Rice Vanguards in the MPBL, raced to a 28-18 lead and never looked back as it led by as many as 30 points en route to the win.
But the Capitals, out for redemption after losing their throne in the MPBL, are still far from being satisfied ahead of their next assignment against the Bicol Spicy Oragons (1-4) next Monday at the same venue.
Joshua Emmanuel Montero (21) and Teytey Teodoro (10) paced RCP Shawarma Shack, who slid to 1-8. — John Bryan Ulanday
Grizzlies’ Ja Morant to undergo season-ending shoulder surgery
MEMPHIS Grizzlies guard Ja Morant will undergo season-ending surgery on his right shoulder, the team said on Monday.
The 24-year-old suffered a subluxation of his right shoulder during a training session on Saturday and an MRI revealed an underlying labral tear, the Grizzlies added.
“Morant will undergo season-ending surgery and is expected to make a full recovery ahead of the 2024-25 season,” the team said in a statement.
Mr. Morant was suspended without pay by the NBA for the first 25 games of the season after the league found he had displayed a firearm in a car in a live-streamed video.
The Grizzlies won four straight games and he was named Western Conference Player of the Week in his first week back. — Reuters
Raptors player swaps
There’s no question that the trade the Raptors consummated with the Knicks prior to the turn of the year had to be done. At 12-20 and two-fifths of their 2023-24 campaign in the rear-view mirror, they were in danger of taking a third early vacation since securing their lone championship in 2019. And so they pulled the trigger on a deal that netted them RJ Barrett and Immanuel Quickley even at the expense of OG Anunoby. The loss of the latter was not inconsequential; they parted ways with a second-team All-Defensive selection. Then again, they needed to do something — anything, really — to jump-start their run for respectability.
The Raptors are just four games into their new look, so drawing definitive conclusions there from may well be an exercise in futility. That said, there can be no discounting the myriad ways in which their move has injected life into their otherwise-moribund season. For one thing, Anunoby’s departure provides some breathing space to a previously congested frontline composed of bodies with interchangeable skill sets. For another, the arrival of Barrett and Quickley gives them more offensive options to consider. Not for nothing have they gone three and one since the roster changes; the increased firepower brought them victories against the Cavaliers, Grizzlies, and Warriors.
The Raptors aren’t done with their personnel tinkering, to be sure. They continue to dangle Pascal Siakam to parties on the lookout for an upgrade at the four spot, although obstacles abound. Their leading scorer is on an expiring contract, so bringing him in would be tantamount to taking a risk. And if the grapevine is to be believed, it’s precisely why the Kings bowed out of contention for him; he is said to have refused to commit to a new contract with his prospective employers. Not that there won’t be others in their doorstep; among those who can benefit from his help are the Warriors and Mavericks.
There’s still a month the to go before the trade deadline, so the Raptors have some leeway to weigh their alternatives. On the other hand, they will have to negotiate 15 matches between now and February 8, so it makes sense for them to pull the trigger on any player swaps sooner rather than later. And, until then, anything is possible. The annals of the National Basketball Association are filled with shockers that have made lasting impacts either way.
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.
Peso breaches P56 a dollar level on policy rate easing signals from BSP
By Aaron Michael C. Sy, Reporter
THE PHILIPPINE peso weakened against the dollar on Tuesday to breach the P56 level amid signals that the Bangko Sentral ng Pilipinas (BSP) might follow the US Federal Reserve’s easing cycle this year.
It closed at P56.01 a dollar, 32 centavos weaker than Monday’s close, based on Bankers Association of the Philippines data posted on its website.
This was the peso’s weakest close since P56.055 on Dec. 13. It opened at P55.73 and appreciated to as much as P55.635. It weakened to as much as P56.09 against the greenback.
Dollars exchanged jumped to $2.22 billion from $1.54 billion on Monday.
The peso weakened after Finance Secretary Benjamin E. Diokno told Bloomberg Television on Monday the Philippine central bank could mirror the US Federal Reserve’s rate cuts this year, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. said in a Viber message.
“Right now, the policy rate is at 6.5% so I see something like 5.5% by the end of 2024,” Mr. Diokno said. “The timing, of course, would be data-dependent and probably toward the second semester.”
The BSP raised borrowing costs by 450 basis points (bps) from May 2022 to October 2023, bringing the policy rate to a 16-year high of 6.5%.
The Monetary Board will hold its first policy meeting of the year on Feb. 15.
The Fed has hiked borrowing costs by 525 bps to 5.25-5.5% from March 2022 to July 2023. The Federal Open Market Committee will hold its first policy meeting this year on Jan. 30-31.
“The peso weakened past the P56-level from the lingering impact of stronger US employment reports last Friday,” a trader said in an e-mail.
The trader said the peso could recover on Wednesday “ahead of potentially softer US consumer inflation reports and local profit-taking by market participants.”
The trader sees the peso moving between P55.80 and P56.05 a dollar, while Mr. Ricafort expects it to range from P55.90 to P56.10.
PSEi advances after better job data, rate cut view
By Revin Mikhael D. Ochave, Reporter
THE Philippine Stock Exchange Index (PSEi) recovered on Tuesday after the local statistics agency reported better employment data for November.
The possibility of interest rate cuts this year also lifted investor sentiment, analysts said.
The main index added 0.14% or 9.3 points to close at 6,618.52. The broader all-share index gained 0.11% or 4.17 points to 3,503.68.
Better employment figures lifted investor sentiment, Mikhail Philippe Q. Plopenio, research and engagement officer at Philstocks Financial, Inc. said in a Viber message.
“The local market inched up by 9.3 points to 6,618.52 as investors took positive cues from Wall Street overnight amid the decline in the US long-term treasury yields,” he said.
“The labor data for November were also cheered by many as it showed strong figures, with the employment rate rising to 96.4% from the preceding month’s 95.8%,” he added.
He said the local bourse was in positive territory for the whole session, but heavy selling occurred before the closing bell, trimming the gains, Mr. Plopenio said.
The Philippine Statistics Authority said the Philippine unemployment rate further eased to 3.6% in November from 4.2% a month and a year earlier.
The market improved after Finance Secretary Benjamin E. Diokno recently said the Philippine central bank might cut borrowing costs by as much as 100 basis points (bps) this year amid cooling inflation, Luis A. Limlingan, head of sales at Regina Capital Development Corp. said in a Viber message.
“Philippine shares traded higher and at one point flirted with the 6,700 level as investors assessed how to readjust their portfolios given that interest rates would soon be coming down,” he said.
At its December meeting, the BSP kept the benchmark rate steady at a 16-year high of 6.5%. Inflation rate averaged 6% in 2023, compared with a year earlier.
Most sectoral indices declined. Mining and oil fell by 1.2% or 116.95 points to 9,620.02; industrials lost 0.63% or 58.84 points to 9,199.61; services retreated by 0.13% or 2.17 points to 1,639.56; and holding companies fell by 0.12% or 8.12 points to 6,378.27.
On the other hand, the financial index added 1.12%or 19.94 points to 1,786.60, while the property index gained 0.64% or 18.58 points to 2,898.02.
“Among the index members, San Miguel Corp. was at the top, climbing 4.11% to P114. Converge ICT Solutions, Inc. lost the most, dropping 3.61% to P9.35,” Mr. Plopenio said.
Value turnover improved to P5.75 billion with 405.37-million issues changing hands, compared with P4.28 billion and 412.88 million issues on Monday.
Advancers outpaced decliners 81 against 76, while 67 issues were unchanged.
Net foreign buying climbed to P915.94 million from P160.66 million a day earlier.
Risks flagged in Maharlika plan to invest in transmission grid
THE Maharlika Investment Corp.’s (MIC) plan to invest in the National Grid Corp. of the Philippines (NGCP) may be too risky given recent issues with the management of the national grid, an energy think tank director said.
“We do not understand the wisdom, if any, behind the decision of MIC to invest in the NGCP, considering that the NGCP is now under siege for its failure to deliver on its commitments to the Filipino people as exhibited by the ongoing rotating brownouts in Western Visayas,” Gerry C. Arances, executive director of Center for Energy, Ecology, and Development said in an e-mail.
MIC President and Chief Executive Officer Rafael Jose D. Consing, Jr. has said that he supports Speaker Martin G. Romualdez’s proposal for the MIC to invest in NGCP.
Mr. Consing said that the MIC will be able to “leverage its unique financial resources and development expertise to accelerate critical infrastructure upgrades, promote renewable energy integration, and improve overall grid efficiency.”
The investment would also help lower energy costs and promote public-private partnerships, he added.
“More money for NGCP will not necessarily solve the policy failure that is deliberately delaying the modernization and upgrade of the transmission system,” Mr. Arances said.
“If anything, the proposal will only provide the NGCP access to public funds without the necessary public control that this sector of the power industry demands,” he added.
Last week, the NGCP raised a yellow alert for the Visayas grid after several power plants tripped. This caused around 452 megawatts (MW) to be unavailable to the grid.
Senators Ana Theresia N. Hontiveros-Baraquel and Francis N. Tolentino have filed separate resolutions seeking to investigate the power failures.
Ilocos Norte Rep. and the President’s son Ferdinand Alexander A. Marcos also filed a resolution to investigate the blackouts. He also proposed that the Energy Regulatory Commission exercise its regulatory power fine the NGCP over the incident.
Mr. Arances said that the government should stop “relinquishing responsibility” for managing the national grid.
Privately-owned NGCP is the sole and exclusive concession and franchise holder for the power transmission network.
“It is high time that we ramp up policy development where decentralization and modernization are the priority to allow Filipinos to tap the potential of renewable energy to lower electricity prices,” Mr. Arances said.
“Whether NGCP, Transco, or any other entity is in charge, the grid can only be truly Filipino if it works towards lowering the prices of electricity for consumers,” he added.
Ateneo de Manila economics professor Leonardo A. Lanzona said that the MIC should be investing in other priority areas.
“My impression was that the goal of MIC was to pool resources and to invest in exponentially high yielding short-term instruments that private investors are not aware of,” he said in an e-mail.
“Instead, it turns its sights on the most obvious investments that everyone with resources would most likely invest in. It does not require financial acumen to know that energy investments are quite lucrative,” he added.
Jose M. Layug, Jr., president of the Developers of Renewable Energy for Advancement, Inc., said an MIC investment would help accelerate renewable energy (RE) development.
“In this regard, we appreciate the thrust of MIC to consider investments to foster public-private partnerships in the energy sector. We defer to MIC’s collective wisdom and financial resources towards achieving this goal,” Mr. Layug said in a Viber message.
Mr. Layug said infrastructure like transmission, distribution, and roads and ports need to improve in order to scale up the installation of power plants and other RE capacity.
“In the past two years, the RE developers have heeded the call of the Marcos administration for more investment. We hope to complete all these projects with collaboration and cooperation among the government agencies and private sector,” Mr. Layug added.
The Philippines is aiming to increase the share of renewable energy in its power mix to 35% by 2030 and 50% by 2040. — Luisa Maria Jacinta C. Jocson