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Shares to trade sideways ahead of Q3 reports

BW FILE PHOTO

PHILIPPINE SHARES are expected to move sideways with a downward bias this week as US inflation data cemented bets of another aggressive rate hike from the US Federal Reserve next month and as focus shifts to companies’ third-quarter financial results.

The benchmark Philippine Stock Exchange index (PSEi) gained 9.11 points or 0.15% to close at 5,904.75 on Friday, while the broader all shares rose by 12.99 points or 0.41% to 3,177.74. 

Week on week, the PSEi declined by 27.44 points or 0.46% from its close of 5,932.19 on Oct. 7.

AP Securities, Inc. Equity Research Analyst Carlos Angelo O. Temporal said in a Viber message on Friday that the market posted a slight gain on Friday amid cautious trading.

“PSEi inched up thinly by 0.15% as the market erased most intraday gains. Investors remain cautious on probable changes in US sentiment amid the earnings season,” Mr. Temporal said.

“Trades for the week remained mostly directionless, as the broader market continues to seek solid ground ahead of third-quarter earnings season,” online brokerage 2TradeAsia.com said in a report on Friday.

“Philippine shares managed to close with moderate gains despite the hotter-than-expected US September inflation reading,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message on Friday.

US consumer prices rose more than expected in September on higher rent and food costs, bolstering expectations that Fed policy makers will decide on a fourth straight 75-basis-point (bp) hike at their meeting next month.

The consumer price index (CPI) rose 0.4% last month after rising 0.1% in August.

In the 12 months to September, the CPI rose 8.2% from 8.3% in August, slowing for the third straight month.

The US central bank has raised rates by 300 bps since March.

2TradeAsia.com said the September US CPI “all but ensures another tightening move from the Fed in the upcoming November meeting, which shows a near 90% chance of a 75-basis-point hike.”

For this week, AP Securities’ Mr. Temporal said local stocks may trade with a downward bias, with the market taking its cue from sentiment in the United States.

AB Capital Securities, Inc. Vice-President Jovis L. Vistan said in a Viber message that the market is expected to trade sideways this week amid the release of corporate results.

“Attention will now shift from macro to third-quarter corporate earnings reports and outlook. Market direction will be directed by the result and possible revisions. Earnings are likely to be impacted by the rising cost of borrowing and the weaker local currency,” Mr. Vistan said. 

2TradeAsia.com put the PSEi’s support at 5,700 and resistance at 6,000-6,100, while AP Securities’ Mr. Temporal placed support at 5,700 and resistance at 6,000. — Ashley Erika O. Jose

Peso may weaken on Fed hike bets

JULIAN PAOLO DAYAG-UNSPLASH

THE PESO may weaken further this week as faster-than-expected September US consumer inflation fueled market expectations of another big rate hike from the US Federal Reserve next month.

The local unit closed at P58.935 per dollar on Friday, gaining 6.5 centavos from its P59 finish on Thursday, based on Bankers Association of the Philippines data.

Week on week, the peso weakened by 1.5 centavos from its P58.92 close on Oct. 7.

The peso opened Friday’s session at P58.97 per dollar. Its weakest showing was at P58.985, while its intraday best was at P58.88 versus the greenback.

Dollars exchanged went up to $542.8 million on Friday from $524.08 million on Thursday.

The peso rebounded on Friday after the Philippine central bank governor hinted at another large rate hike at their meeting next month amid growing inflation pressures, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla said the central bank will consider another big rate hike at their Nov. 17 meeting to support the peso as its depreciation adds to inflation risks.

Mr. Medalla said in a Bloomberg Television interview that they will look at a 50-basis-point (bp) or 75-bp increase next month, with the peso’s decline against a robust dollar adding to price pressures as it drives up import costs.

The Monetary Board delivered a second straight 50-bp rate hike last month, bringing increases for the year so far to 225 bps since May.

Headline inflation accelerated to 6.9% in September, from 6.3% in August and 4.2% in September 2021. It was the fastest in more than 13 years or since the 7.2% in February 2009.

For the year so far, inflation averaged 5.1% from January to September, above the BSP’s 2-4% target but below its 5.6% forecast for 2022.

“The peso also stronger after Department of Finance Secretary [Benjamin E.] Diokno signaled plans by the Marcos administration to extend the lower tariff rates on key commodities… as part of the government’s effort to curb higher prices/inflation especially on food,” Mr. Ricafort said.

For this week, the peso may weaken as faster-than-expected US consumer inflation in September cemented expectations of another big rate increase from the Fed at their Nov. 1-2 meeting, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in an e-mail.

Still, the peso may stay at the P59-a-dollar level as the central bank tries to stabilize volatility in the foreign exchange market, he added.

The US consumer price index stood at 8.2% in September, easing from 8.3% in August. Month on month, inflation rose 0.4% in September after gaining 0.1% in August.

The Fed fired off a third straight 75-bp hike last month and has raised borrowing costs by 300 bps since March.

For this week, Mr. Ricafort gave a forecast range of P58.60 to P59, while Mr. Asuncion expects the peso to move from P58.70 to P59.20 versus the dollar. — Keisha B. Ta-asan

Bay Area Dragons bounce back, defeat June Mar-less Beermen

BAY AREA DRAGONS — PHILIPPINE STAR/JUN MENDOZA

Games Wednesday
(PhilSports Arena)
3 p.m. – Meralco vs Phoenix
6 p.m. – TNT vs NLEX

BLOWN away by a titan last time, the Bay Area Dragons rebounded mightily and ripped another behemoth to shreds.

Drawing fire from Andrew Nicholson’s 39-point, 12-rebound performance, the Dragons clobbered San Miguel Beer (SMB), 113-87, in a surprisingly one-sided PBA Commissioner’s Cup tiff between favorites last night at the Smart Araneta Coliseum.

Mr. Nicholson’s early fire-breathing set the tone as Bay Area seized an early 20-point margin and never looked back on their way to the huge bounceback to its 111-93 fall to Barangay Ginebra a week ago.

“We had a great attitude after that game (loss). We had a great week of practice. We stuck together and translated what we did in practice into the game,” said Mr. Nicholson who already had 25 in the first half.

The guest team of Hong Kong moved up to 4-1 as they added the reigning Philippine Cup titlists to its list of preys alongside unheralded Blackwater, NorthPort, Phoenix and Converge.

“We knew we didn’t play the top teams at first and then we got our first opponent (Ginebra) and got whacked. So the adjustment in this one is huge for the young guys’ confidence and for the growth of this team,” said Bay Area coach Brian Goorjian.

Hayden Blankley (17), Songwei Zhu (16), Kobey Lam (16) and Chuanxing Liu (12) provided ample support to former NBA player Nicholson in the beatdown of SMB (1-2).

CJ Perez (19) and Vic Manuel (15) showed the way for the Beermen as import Diamond Stone had a lackluster 11-pointer.

SMB badly missed six-time MVP June Mar Fajardo, who is out for at least four weeks after undergoing surgery for a throat fracture. He sustained that in the SMB’s 113-105 victory over Rain or Shine last Sunday.

“They were hurt (by Mr. Fajardo’s absence) for sure. He’s maybe the best player in the competition. They played off him and they won a championship with him,” said Mr. Goorjian.

“But the great thing about San Miguel, they got tremendous depth, they have backup bigs, they’re deep in the guard spots. They missed him definitely but they have enough there for us to feel good about beating a team of that quality without him.”

The Beermen held a 12-7 lead in the opening minutes and were still in the thick of things in the second period before Mr. Nicholson fuelled the Dragons’ breakaway to 58-38. — Olmin Leyba

The Scores:

BAY AREA 113 – Nicholson 39, Blankley 17, Zhu 16, Lam 16, Liu 12, Reid 6, Song 3, Ju 2, Ewing 2, Zheng 0, Yang 0, Si 0, Liang 0

SAN MIGUEL 87 – Perez 19, Manuel 15, Stone 11, Enciso 9, Tautuaa 9, Cruz 8, Lassiter 7, Brondial 4, Zamar 3, Ross 2, Herndon 0, Canete 0

QUARTERScores: 28-17, 58-40, 86-58, 113-87

Cardinals outsteady Pirates to post first streak

MAPUA starts the second round with win. — NCAA/GMA-SYNERGY

EAC upsets CSB for its first win

Games Tomorrow
(Filoil EcoOil Centre)
12 p.m.- San Beda vs AU
3 p.m.- Letran vs UPHSD

MAPUA outmuscled Lyceum of the Philippines University in the fourth quarter as it eked out a 62-59 victory yesterday to post its first streak in NCAA Season 98 at the Filoil EcoOil Centre.

Trailing by eight points entering the fourth quarter, the Cardinals tightened the defensive screws and held the Pirates to just 11 points while scoring 20 in the period in claiming their second straight victory after disappointingly starting the season with eight losses in row.

“Our defense did it for us unlike in the first round when we made defensive lapses in the last two quarters,” said Mapua coach Randy Alcantara.

It was a win that resuscitated life out of a dying Final Four hopes for a team out to replicate its finals appearance a season ago.

And Mapua did with old-fashioned defense.

The Cardinals held the Pirates to just 19 fieldgoals out of 58 attempts while dominating the boards, 50-41.

Skipper Warren Bonifacio anchored Mapua’s defensive fortress with 14 boards, a block shot and a rock-solid interior defense that made life difficult for the opposing big men.

Mr. Bonifacio said the team’s recent vacation helped the team forget about the painful past.

“Our outing and team building helped us reset and forget about our heartbreaking losses in the first round,” said the Pampanga native, who also pounded in 10 points.

Jeric Pido fired 11 points while Adrian Nocum and Juaqui Garcia contributed 10 apiece.

The Pirates slipped to 7-3 but remained at No. 2.

In the other game, Emilio Aguinaldo College slew pace-setting College of St. Benilde, 80-75, to claim its first win after nine straight setbacks.

The Blazers absorbed their second loss against seven wins but stayed at the helm.  — Joey Villar

The Scores:

First Game

Mapua 62– Pido 11, Nocum 10, Bonifacio 10, Garcia 10, Hernandez 7, Mercado 4, Soriano 4, Cuenco 2, Parinas 2, Agustin 2, Salenga 0, Igliane 0, Lacap 0

LPU 59– Guadaña 15, Larupay 8, Umali 7, Bravo 6, Cunanan 6, Barba 4, Navarro 4, Montano 4, Villegas 3, Valdez 2, Penafiel 0, Omandac 0

Quarterscores: 12-18; 30-29; 42-48; 62-59

Second Game

EAC 80– Cosejo 24, Bajon 16, Balowa 10, Liwag 10, Maguliano 6, Cosa 5, Dominguez 5, Ad. Doria 4, Quinal 0, Luciano 0, An. Doria 0, Tolentino 0

CSB 75- Gozum 19, Nayve 13, Pasturan 11, Corteza 8, Oczon 6, Sangco 6, Lim 6, Cullar 2, Carlos 2, Marcos 2, Flores 0, Mara 0, Lepalam 0, Davis 0

Quarterscores: 19-18; 39-40; 57-59; 80-75

TNT Tropang Giga rule PBA 3×3 Season 2 First Conference Leg 5

TNT TROPANG GIGA — PBA MEDIA

TNT grabbed the honors as the first team to win twice in the PBA 3×3 Season 2 wars as the Leg 1 victor annexed the Leg 5 plum of the First Conference yesterday at Robinsons Place Novaliches.

The Tropang Giga used a 15-4 finishing kick to take the fight out of finals foe J&T Express, 21-13, and return to the top after falling short in the last three stops.

Coach Mau Belen’s charges also gained redemption from last week’s botched Leg 4 title drive in Malabon, where they blew a 20-13 lead and fell to San Miguel Beer in overtime, 20-22.

Lervin Flores powered through with seven points on a six-of-eight shooting while Mr. Vosotros and Samboy de Leon chipped in five each and Ping Exciminiano shot four, including the clinching two-ball, as TNT went all the way to the diadem and banked P100,000.

J&T’s Joseph Sedurifa, Keith Datu, Marvin Hayes and Robin Rono matched their previous best finish of second place in Leg 3 and took home P50,000.

Cavitex joined TNT and J&T in the podium after scoring a 21-16 victory over fellow losing semifinalist Pioneer Elastoseal. The Braves, winner of Leg 2, netted P30,000. — Olmin Leyba

Underdog Phillies slay Braves, advance to NLCS

PHILADELPHIA Phillies outfielder Brandon Marsh against the Arizona Diamondbacks at Chase Field. — REUTERS/MARK J. REBILAS-USA TODAY SPORTS

BRANDON Marsh hit a three-run homer in the second inning Saturday afternoon for the host Philadelphia Phillies, who never looked back in Game 4 of a National League Division Series as they eliminated the defending World Series champion Atlanta Braves, 8-3.

The Phillies, who finished 14 games behind the 101-win, division-champion Braves in the NL East and have the worst record of any playoff team, will play either the San Diego Padres or Los Angeles Dodgers in next week’s NL Championship Series. The Padres lead the Dodgers two games to one heading into their game in San Diego later Saturday.

It will be the first trip to the NLCS for the Phillies since 2010.

The Braves, who won the World Series last season after entering the playoffs with the worst record of any participant, became the 22nd straight World Series winner to fall short of a repeat. The New York Yankees, who won three straight titles from 1998 through 2000, are the most recent back-to-back champion.

Braves starter Charlie Morton wriggled out of a first-and-third, none-out jam in the first before the Phillies jumped ahead in the second. Alec Bohm led off with a single off Morton’s elbow and went to third on Jean Segura’s one-out single, after which Marsh, the ninth-place hitter, homered to right.

The Braves cut the gap in half on Orlando Arcia’s one-out homer off Noah Syndergaard in the third, but catcher J.T. Realmuto led off the bottom half with an inside-the-park homer against Collin McHugh after Morton could not continue after trying to warm up.

Realmuto’s long fly to the left-center-field wall eluded center fielder Michael Harris II and the ball caromed into right-center. Harris chased the ball down as right fielder Ronald Acuna Jr. spectated. Realmuto raced around the bases for the first inside-the-park homer by a catcher in MLB postseason history. It was also the first Phillies inside-the-park homer ever in the postseason.

Matt Olson homered against Andrew Bellatti with one out in the fourth, but the Braves got the tying run to the plate just once before the Phillies added three insurance runs in the sixth via back-to-back-to-back RBI singles by Rhys Hoskins, Realmuto and Bryce Harper.

Travis d’Arnaud homered for the Braves in the seventh, but Harper hit an opposite-field shot in the bottom half to make it 8-3.

Seranthony Dominguez, the Phillies’ sixth pitcher, struck out the side in a 1-2-3 ninth whiffing d’Arnaud to end the game and set off an enthusiastic celebration at the pitchers mound.

The victory was awarded to Brad Hand (1-0), who tossed a scoreless fifth. Syndergaard surrendered only the hit by Arcia while striking out three over three innings.

Morton, who left after his warmup tosses in the third, gave up the three runs on four hits and one walk while striking out three over two innings. — Reuters

NM title, GM norm up for grabs at juniors, women’s chess tiffs

A NATIONAL Master title, a Grandmaster norm and a chance to represent the country in international meets will be up for grabs as the National Juniors and Women’s Chess Championships are set separately today up to Wednesday at online app Tornelo.

The Juniors tilt will serve as an elimination round with the top eight marching through the Grand Finals set Oct. 24-27 in Malolos, Bulacan where the champion earns the NM title and will receive free board and lodging to the Asian Juniors and Girls Championships the next month in Tagaytay.

The Tagaytay tilt, hosted by city mayor and Philippine Olympic Committee Abraham Tolentino from Nov. 17 to 26 at the Knights Templar Hotel, will stake a GM norm to the champion.

It is here where IMs Daniel Quizon and Michael Concio, Jr., who both have GM norms, along with FM Alekhine, who is representing the country in the World Juniors Championships in Spain, are expected to see action as they seek to close in on the GM title.

Meanwhile, the National Women’s Championship will hold its semifinals that would participated in by all titled players, the top 25 in the elimination round early this year and the top three in the National Age Group and National Youth and Schools Championships.

The top seven there will then advance to the finals alongside the already seeded national team mainstays Woman Grandmaster Janelle Mae Frayna, Women International Masters Jan Jodilyn Fronda, Antoinette San Diego and Bernadette Galas and Woman FIDE Master Shania Mae Mendoza.

It scheduled from Nov. 28 to Dec. 3 at the PACE in Quezon City.

The Philippine Sports Commission chaired by Noli Eala and the POC are backing these meets. — J. Villar

Guardians edge Yanks thanks to Oscar Gonzalez, take 2-1 ALDS lead

ROOKIE Oscar Gonzalez hit a bases-loaded, two-strike single with two outs in the ninth inning as the host Cleveland Guardians rallied for a 6-5 victory over the New York Yankees Saturday night in Game 3 of the American League Division Series.

Mr. Gonzalez got his third game-winning hit of the postseason when he grounded a 1-2 pitch off Clarke Schmidt (0-1) to score Steven Kwan and Amed Rosario to cap a three-run rally as the Guardians strung together five singles.

After fouling off two sliders, Mr. Gonzalez lined another slider up the middle to give Cleveland its third win in the last at-bat during the postseason. Mr. Gonzalez hit a game-ending homer in the 15th to beat Tampa Bay in the wild-card round and got the tiebreaking bloop single in the 10th inning Friday in New York.

Mr. Gonzalez’s hit came after Mr. Rosario hit an RBI single against Schmidt to bring Cleveland within 5-4. Jose Ramirez followed Mr. Rosario with a single against New York’s infield shift to load the bases after Wandy Peralta allowed consecutive one-out hits in his attempt at a seven-out save.

Mr. Gonzalez’s latest clutch hit gave the Guardians a 2-1 lead in the series. Cleveland can clinch its first trip to the ALCS since 2016 on Sunday night when Cal Quantrill is likely to oppose New York ace Gerrit Cole.

Josh Naylor and Kwan hit early RBI singles for Cleveland, which totaled 15 hits, including 13 singles and finished 9-for-17 with runners in scoring position.

Aaron Judge and Oswaldo Cabrera hit two-run homers off Cleveland starter Triston McKenzie in the first five innings. Harrison Bader added a solo shot in the seventh off Sam Hentges, but the Yankees had just two at-bats with runners in scoring position throughout the game.

Eli Morgan (1-0) pitched a 1-2-3 ninth to set up Cleveland’s dramatic rally.

New York’s Luis Severino settled in nicely after a shaky start to allow three runs on eight hits in 5 2/3 innings. He struck out six, walked none and threw 106 pitches in an outing that saw him allow six hits through the first two innings.

Mr. McKenzie allowed four runs on four hits in five innings. He struck out five and walked one. — Reuters

Lady bulldogs beat Blue Eagles to sweep Pool C

NATIONAL University ran into a game Ateneo as it fashioned out a 25-8, 25-19, 16-25, 25-19 victory yesterday that completed a Pool C sweep in the Shakey’s Super League at the Rizal Memorial Coliseum.

The Lady Bulldogs dominated the first two sets but the Eagles fought back in the third set and gave it all in the fourth before the latter came short as the former showed tremendous poise to hang on to the win.

It was the third straight triumph for the reigning UAAP champion, which is a heavy favorite to rule here.

But it didn’t come as easy as NU’s straight set triumphs over Arellano U and Jose Rizal U as Ateneo, spearheaded by the power-hitting Faith Nisperos, showed some big fight.

Michaela Belen, a rookie UAAP MVP, was a cut above the rest as she came through with the hits that mattered the most and didn’t flinch amid the huge Nisperos-paced rally.

Ateneo succumbed to its first defeat in three outings but its place in the playoff had already been secured even before the game started. — J. Villar

Warriors commit early

And so the inevitable has happened. The Warriors have signed both Jordan Poole and Andrew Wiggins to contract extensions just shy of a combined $250 million, keeping them in the fold through 2027. As predictable as the weekend news may have been, the consequences remain no less eye-popping; the defending champions’ payroll for the 2023-24 season figures to come close to hitting half a billion dollars as a result. For all the positive on-court effects of the development, and notwithstanding the deep pockets of owner Joe Lacob, the numbers are so staggering as to be unsustainable.

Getting Poole and Wiggins to commit early on was a no-brainer for the Warriors. They represent the future, and ensure no small measure of competitiveness in the medium term. And, make no mistake, it likewise helps them as they prepare to keep the hardware in their mantel. For the two, there would be no lingering distractions related to salary. The development figures to make the vital cogs fully motivated for the 2022-23 campaign — made more important in light of the depth of the field.

To be sure, the same questions can be asked of Draymond Green, whose own desire to seek a maximum deal could keep his eyes off the ultimate goal. Even as he has admitted that talks on an extension likely won’t get under way anytime soon, there can be no going around the fact that his teammates will be getting checks with figures closer to his own. And for one whose engine runs on emotional fuel, the possible repercussions run the gamut. Connected or not to disparate contract situations, the altercation he had with Poole the other week underscores, at the very least, his capacity to be a double-edged sword.

Green has a player option for the 2023-24 season, but it’s not clear if he intends to exercise it. Were pundits compelled to predict his choice today, they would likely point to his departure. The staggering repeater tax bills put the Warriors in a bind; at most, they can choose between him and Splash Brother Klay Thompson, whose own free agency looms. And because his skill set is predicted to erode more over time, his worth as a volatile 32-year-old veteran vis-a-vis that of a generational shooter pales in comparison.

The silver lining, if at all, is that the Warriors do not need to act on Green’s predicament just yet. A lot of things can happen in a year, and that’s not even taking into consideration Thompson’s injury history. Which is why they’re right to focus on the here and now, and why the signing of Poole and Wiggins cannot but be deemed a step forward.

 

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.

Price hikes studied for pandesal, tasty loaf

PHILIPPINE STAR/ MICHAEL VARCAS

THE Department of Trade and Industry said it is considering allowing price increases proposed by the Philippine Baking Industry Group for some baked goods.

The products under consideration for price hikes are pandesal and the white bread sliced loaf known as “tasty.”

“The Consumer Protection group is studying the request and will endeavor to find optimal arrangements,” Trade Undersecretary Ana Carolina P. Sanchez said in a Viber message over the weekend in response to a query from reporters.

If the proposal is approved, the price of pandesal will rise P27.50 while tasty bread will sell for P42.50.

Currently, a 10-piece bag of pandesal sells for P23.50, while a 450-gram loaf of tasty bread retails for P38.50.

The group said that the price increase proposal is to address surging production costs and rising inflation. — Revin Mikhael D. Ochave

Siargao declared priority area for tourism development — DoT

THE Department of Tourism (DoT) said Siargao in Surigao del Norte is considered a priority area for tourism development.

“Siargao is a priority. In the next few years, your island will continue to flourish in partnership with the National Government,” Tourism Secretary Maria Esperanza Christina G. Frasco said during her keynote speech at the opening ceremony of the 26th Siargao International Surfing Cup on Oct. 15.

Siargao has received 14,404 visitors in the first half, according to a tally maintained by the provincial tourism office.

Of the arrivals, 12,870 were domestic tourists while 1,534 were foreign guests.

Ms. Frasco said the government is aiming to help Siargao recover with infrastructure projects and granting the island gateway status for direct flights.

“The National Government is here to help Siargao recover, is here to help Siargao rise to the primary position that it deserves in the world,” Ms. Frasco said.

Siargao was hit by Typhoon Odette (international name: Rai) in December.

The Surigao del Norte government has estimated the typhoon damage at P20 billion.  

Meanwhile, the DoT said that the side activities of the 26th Siargao International Surfing Cup to be held until Oct. 21 include surfing masterclasses,  communal yoga, salsa, arts and cultural show, a bazaar, a beach bonfire, concerts, and a beach clean-up. — Revin Mikhael D. Ochave

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