Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 9156

Treasury bill rates likely to drop on weaker peso, recession fears

TREASURY BILLS (T-bill) on offer today are seen to fetch lower rates on the back of the weakening peso and amid fears of a global recession.

The Bureau of the Treasury (BTr) is offering P15 billion worth of Treasury bills (T-bill) on Monday, broken down into P4 billion, P5 billion, P6 billion for the three- and six-month and one-year debt papers, respectively.

Bond traders see rates on the T-bills declining further following the decline in US Treasury yields last week.

“We’re expecting around 10 to 15 basis points (bp) lower compared to the previous auction. Since the secondary market is already trading at that level. What will be in consideration is the recent rally in the US Treasuries and also the weakening of the peso,” a bond trader said in a phone interview on Friday.

Amalgamated Investment Bancorporation (AIB) peso fixed-income trader Rocky A. Bautista shared the same sentiment, saying rates of the short-term debt papers may drop 10-15 bps.

“Outside factors that may support the downward movement of local interest rates in general is the perception that the US may be entering a recession,”

The Treasury made a full award of the T-bills it auctioned off last Aug. 5, raising P15 billion as planned with the offer almost six times oversubscribed as total tenders reached P87.1 billion.

Broken down, the government raised P4 billion as planned via the 91-day T-bill, with the tenor’s average rate dropping 37.1 bps to 3.398%.

The Treasury also made full award of the 182-day papers, accepting P5 billion as programmed as the average yield declined 42.3 bps to 3.677%.

For the 364-day T-bills, the Treasury fully awarded the programmed P6 billion as the tenor’s average rate declined 62.1 bps to 3.898%.

At the secondary market last Friday, the three-month, six-month and one-year T-bills were quoted at 3.376%, 3.512% and 3.713%, respectively, based on the PHP Bloomberg Valuation Service Reference Rates.

The US Treasury bond yield curve inverted on Wednesday for the first time since 2007, in a sign of investor concern that the world’s biggest economy could be heading for recession.

The inversion — a situation where shorter-dated borrowing costs are higher than longer ones — saw US two-year note yields rise above the 10-year bond yield.

Such an inversion, considered a classic recession signal, occurred last in June 2007 when the US sub-prime mortgage crisis was gathering pace. The US curve has inverted before every recession in the past 50 years, offering a false signal just once in that time.

Meanwhile, the peso weakened along with most Asian currencies last week due to recession fears. On a week-on-week basis, the peso weakened to P52.44 from its P51.88-per-dollar close last Aug. 9.

A second trader said yields on the 91-day T-bills may move sideways, while the 182-day and 364-day tenors may see their rates decline 10-15 bps, a second trader said.

Treasury bills worth P17.5 billion maturing on Aug. 20 will also contribute to demand, the second trader added.

The government is set to borrow P230 billion from the domestic market this quarter through T-bills and Treasury bonds.

It is looking to raise P1.189 trillion this year from local and foreign sources to fund its budget deficit, which is expected to widen to as much as 3.2% of gross domestic product. — B.M. Laforga with Reuters

Subaru extends comprehensive warranty to 5 years (or 100,000 kms)

MOTOR IMAGE PILIPINAS, Inc., the exclusive distributor of Subaru vehicles in the Philippines, is pleased to announce that its comprehensive warranty coverage for new Subaru cars will be increased to five years or up to 100,000 kms (whichever comes first) from July 2019.

The five-year warranty is applicable for all Subaru models distributed by Motor Image Pilipinas and its authorized dealers. Owners who book new Subaru cars from July 1, 2019 will be eligible for this program.

The warranties will be the same over the five years, so drivers can have better peace of mind. This differs from extended warranty schemes which provide reduced coverage in subsequent years.

Owners must adhere to the scheduled service intervals, conducted at authorized Subaru service centers, to be covered by the warranties. Motor Image Pilipinas will not be able to extend this program to drivers who use non-genuine parts or carry out technical alterations not authorized or approved by the company. Warranty coverage for STI models differs. Other terms and conditions apply.

For new Subaru cars purchased in the Philippines from July 1, 2019:

1st Year/20,000km warranty — Genuine Parts Replacement — Battery Up to 5th Year/100,000km warranty — Front & Rear Suspension — Electrical — Fuel System — Air-Con & Cooling System — Brakes — Air bags/Safety Restraints — Exhaust System — Steering System — Engine — Drivetrain & Transmission 10 Years/Unlimited Mileage — Rust-through

FOR NEW STI MODELS PURCHASED IN THE PHILIPPINES FROM JULY 1, 2019:
1st Year/20,000km warranty — Genuine Parts Replacement — Battery Up to 3rd Year/60,000km warranty — Front & Rear Suspension — Electrical — Fuel System — Air-Con & Cooling System — Brakes — Air bags/Safety Restraints — Exhaust System — Steering System — Engine — Drivetrain & Transmission 4th-5th Year/100,000km warranty — Engine, Drivetrain & Transmission only

Customers may find out more at all Subaru showrooms or visit www.subaru.asia/ph.

China to resume higher tariffs on Australian beef starting mid-August

BEIJING — China’s customs said on Friday that imports of eight categories of Australian beef had reached the safeguard amount and it would resume levying most-favored nation tariffs on the goods from August 17.

Under the 2015 free trade agreement between China and Australia, imports of chilled and frozen beef cuts currently carry a 6% tariff, while carcasses are charged at between 10% and 12.5%, lower than the most-favored nation rates.

But imports of Australian beef have surged this year and already hit the 172,411 tonnes permitted at lower tariffs, said the notice posted online by the General Administration of Customs. — Reuters

The Fashion Elite is offending people again with China T-shirt

By Andrea Felsted
Bloomberg Opinion

FOR LUXURY BRANDS, worries about Chinese politics switched last week from the impact of Hong Kong street protests to the output of their own design studios.

In the space of a couple of days, Versace, Coach, and Givenchy have all had to apologize for failing to respect the country’s territorial integrity. The offending garments were T-shirts that listed Hong Kong, Macau, and Taiwan as separate from China. Beijing wasn’t amused, and neither were lots of social media users who threatened boycotts of the western fashion houses. Liu Wen, a Chinese Supermodel, ended her brand ambassador relationship with Coach — which is owned by the US firm Tapestry Inc.

Putting aside where you might stand on Beijing’s intentions toward Taiwan, it’s surprising for big global companies (Givenchy is owned by France’s LVMH Moet Hennessy Louis Vuitton SE and Versace by the US-listed Capri Holdings Ltd.) to make a diplomatic gaffe like this given China’s increasing touchiness on this subject. After all, they have legal teams and public affairs departments who should be on top of potential political pitfalls and any incidents that emerge elsewhere in the industry.

In fairness, it’s difficult when you’re running complex organizations that span creative and corporate functions. It can be hard to keep tabs on every garment produced for every catwalk show or department store. But the fashion industry has picked up a habit of annoying Chinese shoppers. The Italian fashion house Dolce & Gabbana caused outrage last year when it ran a promotional video showing a Chinese model struggling to eat spaghetti with chopsticks.

All of this suggests the luxury groups need to employ people with oversight of their creative teams who have a proper understanding of the places in which they operate. Ben Cavender, managing director of China Market Research Group, goes further, saying that companies should appoint a “chief culture officer” to combat the industry’s recurrent problems.

The western companies are reliant on Asia for much of their profits. Chinese consumers are by far their biggest customers, accounting for about one-third of total spending on luxury goods. Coach owner Tapestry gets 12% of its sales from greater China, while LVMH gets 33% from Asia, when excluding Japan.

Chinese shoppers are also extremely active on social media, so campaigns against particular labels are potentially very damaging. The research firm Gartner L2 found that Dolce & Gabbana’s Chinese social media engagement fell 98% in the first quarter of 2019 after the spaghetti outcry.

POWER DRESSERS
The T-shirt controversy is badly timed given that the luxury companies are already having to manage the impact of the Hong Kong protests on their sales in the city. The protests have shut stores and deterred Asian shoppers from travelling there, with the airport brought to a standstill this week (bad news too for duty-free purchases). Hong Kong by itself remains a significant market for high-end goods, accounting for between 5% and 10% of global luxury sales, according to analysts at Bernstein.

With sensitivities running so high, and sales channels already so challenged, the big brands have little margin for error. Beijing’s demands last week that Cathay Pacific Airways Ltd. bar any air crew who supported the Hong Kong protests from working on China flights shows how far the political situation is starting to affect business. This is a moment for careful management.

Aboitiz Construction targets 18% revenue growth this year

ABOITIZ Construction, Inc. (ACI) is aiming to grow revenues by 18% to P6.5 billion this year, as it taps new markets for expansion.

ACI President and Chief Operating Officer Albert A. Ignacio told reporters last week the company is expecting a revenue of P6.5 billion this year, up from P5.5 billion last year. By 2020, the goal is to grow revenues by 8-15% to P7-7.5 billion.

“In 2017, we reached P4 billion. Last year, we reached P5.5 billion. This year, I think we’ll hit P6.5 billion… Next year, we’re looking at P7 billion to P7.5 billion,” he said.

Mr. Ignacio noted the company’s growth is fueled by its expansion into new markets, about 40% of which are Japanese clients for petrochemical plants, industrial plants and power plants.

About 25% of the company’s revenues come from overseas projects, and the rest from shipbuilding and maintenance work for local clients.

“We are forecasting before the end of the year we will end with about another P6 billion or P6.5 billion (in) assured work for next year,” Mr. Ignacio said.

For 2020, the company is expecting higher revenues, as it bids on a cement plant project in Mindanao and another mining project in Alaska. It is also working on JG Summit Holdings, Inc.’s propylene plant in Batangas. While the company is projecting a continuous growth every year, Mr. Ignacio noted revenues are “still not big,” as there are untapped opportunities in government infrastructure projects.

“It could be bigger because of the PPP (public-private partnerships), BBB (Build, Build, Build program). Problema lang [Only problem is], government is very slow,” he said, referring to the slow movement of infrastructure projects due to obstacles in right of way acquisition. — Denise A. Valdez

Peso to trade sideways

THE PESO is seen to trade sideways this week as the market awaits developments in the ongoing trade dispute between the world’s two largest economies.

The local unit finished at P52.44 versus the greenback on Friday, 10.5 centavos higher than its previous close, after upbeat July retail sales data in the United States which somehow helped quash market expectations of a possible recession after the inversion of the US Treasury yield curve.

However, on a week-on-week basis, the peso weakened from its P51.88-per-dollar close last Aug. 9.

A trader interviewed by phone last week said the peso will likely recover in the coming weeks as trade talks between US and China resume.

“There is slight optimism given that China would already want to strike a deal but the question remains if the US are gonna meet them halfway,” the trader said.

“This development is good for emerging markets like the Philippines. If there’s optimism, that’s positive for the Philippines,” the trader added.

Ruben Carlo O. Asuncion, chief economist at UnionBank of the Philippines, Inc., offered a less than stellar view on the local currency amid budget balance data scheduled to be released this week.

“The significant economic data release [this] week is the budget balance. The budget deficit is expected to widen as government continues to address its under spending in the first half of 2019. This will put a downward pressure on the peso,” Mr. Asuncion said in an e-mail interview last Friday.

“The uncertainties of the external environment will also contribute to the said weakening view,” he added.

For his part, Michael L. Ricafort, economist at Rizal Commericial Banking Corp. (RCBC), said the peso could regain its footing amid a lower global interest rate environment as well as slowing global economic outlook.

“On positive external factors, lower US/global interest rates and inflation amid slower global economic/outlook recently could somewhat reduce the attractiveness/allure of the US dollar with lower US interest rate returns,” Mr. Ricafort said in a separate e-mail interview.

Analysts expect a wide trading range for the local currency this week.

The trader and RCBC’s Mr. Ricafort expect the peso to trade sideways with a slight strengthening bias, settling between P52.20 and P52.70 versus the dollar, while UnionBank’s Mr. Asuncion sees the local currency ranging from P54.40 to P52.80. — Mark T. Amoguis

China pig herd shrinks by 32% in July amid swine fever outbreak

BEIJING — China’s pig herd shrank by 32.2% in July from the same month a year ago, its agriculture ministry said on Thursday, as African swine fever continues to spread through the country.

The ministry also said the number of sows declined by 31.9% in July, a year after the nation reported its first outbreak of the disease, which is fatal to pigs but does not harm people.

Swine fever has hit the world’s top pork-producing nation hard, roiling its vast agribusiness sector and reshaping the global meat trade.

The declines in both pig and sow numbers last month are significantly steeper than in June data, when the pig herd shrank by 25.8% and sow numbers fell 26.7%.

Industry estimates suggest the herd may have contracted much more, however, with some putting the decline at 50%.

“The pig herd hasn’t reached its lowest level yet. It will fall further in the second half of the year,” Zhang Liwei, a senior analyst at the official China National Grains and Oils Information Center, told a conference on Friday.

He said the decline would further impact soymeal demand, which is already under pressure.

The growing shortfall in pigs has pushed China’s live hog prices above the 2016 record, with the national average at 23.49 yuan ($3.34) per kg this week. Analysts also expect pork prices to surpass record levels in coming months. — Reuters

Ford Everest gets Raptor power

By Manny N. de los Reyes

YOU’VE GOT to have been living in a cave if you haven’t yet heard of the Raptor, Ford’s twin-turbo (Bi-Turbo, in Ford-speak) super-truck. It’s widely regarded, here and abroad, as the alpha of midsize pickups, thanks to its class-leading 213ps of power and 500Nm of torque from, ironically enough, its smallest-in-class 2.0-liter engine. That over-achieving motor is mated to another class-leading Raptor feature — that amazing 10-speed automatic transmission.

And now, that very same drivetrain has been slipped under the muscular hood of the Ranger’s SUV sibling, the Everest. Ford Philippines launched last week the new and refreshed version of the Everest, equipping its popular midsize SUV not just with Raptor power, but with a full suite of cutting-edge driver-assist technologies you’d otherwise only see in European luxury cars.

“The Ford Everest was launched in the Philippine market in 2003, at a time when the demand for SUVs was still on the rise. The Everest redefined the SUV segment with its bold design, advanced technology, and stunning off-road and on-road capabilities,” said PK “Uma” Umashankar, managing director, Ford Philippines.

“Given its track record in the Philippines, we are confident that the new Ford Everest will give Filipino customers a ride no less than extraordinary, building on its position as one of the smartest and safest SUVs in its class,” added Umashankar.

The new Everest actually comes with two available engines: the aforementioned 2.0-liter Bi-Turbo diesel from the Ranger Raptor and the 2.0-liter Turbo (single-turbo) diesel engine from the Ranger Wildtrak. With the advanced 10-speed automatic transmission that offers improved fuel efficiency and better acceleration, the Bi-Turbo delivers 213ps and 500Nm of torque, while the Turbo delivers a still very powerful 180ps and 420Nm. Both motors, as mated to the state-of-the-art 10-speed automatic, raise the bar in smoothness, quietness, and refinement.

The new Everest’s new powertrain also entails lower service maintenance costs with a once-a-year scheduled service interval instead of twice a year.

Enough with the (low-maintenance) brawn. What about the brains?

The new Everest continues to pioneer the midsize SUV segment as a highly advanced technology-led SUV, with segment-leading driver-assist technologies (DATs) that make it ideal for city driving while endowing it with formidable off-road capability.

For starters, smart keyless entry and push-button start are now standard across the new Everest range. The new Everest also provides more convenience with the hands-free liftgate, a feature that automatically opens and closes the liftgate. If the driver’s hands are full, a simple kicking motion of the foot under the rear bumper will open and close the liftgate.

Parking is also easier with the Active Park Assist feature that helps drivers find parallel parking spaces and steers the vehicle to a parking slot, with the driver’s hands off the steering wheel. The driver just needs to control the gear lever, accelerator, and brake.

With the new Everest’s 4WD Terrain Management System, maximum traction and stability enables drivers to stay in control whether driving on sand, mud, grass, or rock, ensuring full capability both on and off-road.

The new Everest also features Ford’s Pre-Collision Assist which uses Inter-Urban Autonomous Emergency Braking with Pedestrian and Vehicle Detection, a first-in-class feature that detects pedestrians and vehicles and alerts you with an audible and visual warning to bring the Everest to a complete stop to help mitigate rear-end collisions and road-traffic collisions with pedestrians.

SYNC 3 with Apple CarPlay and Android Auto compatibility now powers the new Everest, an 8.0-inch full color touchscreen and reversing camera. On top of standard built-in navigation, SYNC 3 is compatible with the use of Waze and Google Maps, proving useful when venturing beyond mobile coverage areas.

The new Everest also retains segment-leading advanced driver assistance technologies that help provide a more convenient and safer driving experience, including Adaptive Cruise Control, Lane Keeping System, Forward Collision Warning System, Driver Alert System, Auto High Beam Control, BLIS (Blind Spot Information System), Cross Traffic Alert, rear view camera, and parking sensors.

The new Everest’s enhanced off-road capabilities are matched by its manners on-road, delivering a significantly smoother, quieter passenger experience. Active Noise Cancellation (ANC) is a unique and advanced feature that helps deliver cabin quietness. Engine and transmission noise is remarkably quieter thanks to an engineering focus on reduced noise, as well as advanced sound insulation to ensure the Everest’s cabin is as hushed as can be.

With the panoramic moonroof, natural light will be able to illuminate the vehicle cabin during the day or night with the roof space fully adjustable at the touch of a button.

You can identify the new Everest with its new grille treatment, incorporating a secondary grille texture against Everest’s chrome HID headlights. With a redesigned bumper, the new Everest is also fitted with a new 20-inch split-spoke alloy wheel design with darker wheel accents that add to its rugged appearance.

Inside the new Everest’s spacious cabin features a new ebony interior theme, which invokes a more premium and more luxurious feel.

The new Everest will initially be available in two variants and in six colors: the new Diffused Silver, as well as Absolute Black, Aluminum Metallic, Arctic White, Meteor Gray, and Sunset Red.

The Everest 2.0L Bi-Turbo Titanium+ 4×4 AT retails for P2,299,000 while the Everest 2.0L Turbo Titanium 4×2 AT goes for P1,995,000. The new Everest is now available in Ford dealerships in Metro Manila and within the month in Ford dealerships in Luzon, Visayas, and Mindanao.

Nike, Titan collaborate on latest Agimat shoe iteration

THE “Agimat” series of the highly popular shoe line of National Basketball Association superstar LeBron James is back with its latest iteration and this time it features the collaboration between global brand Nike and major local specialty sneaker store Titan.

Inspired by Filipino folklore, the latest LeBron 16 x Titan “Agimat” serves to highlight the parallels between the Los Angeles Lakers All-Star’s basketball journey and ascent with those of great Filipino warriors tasked not only to excel in battle, but also to reach the pinnacle of their kingdom.

The shoe, touted as harnessing the athlete’s power during possession, features a combined cushioning system that helps absorb impact and provide responsive energy return.

The stretch collar in the new design expands to let athletes easily get their foot in, while the custom lacing will secure the fit as per the athlete’s requirement.

Design-wise, there are two new badges appearing for the first time on this Agimat iteration — the “shield” inspired by the Bagobo tribe’s traditional armor, and “lightning” that symbolizes power — both reflective of Mr. James’s stature as he takes on greater challenges in his journey with those who share the same values and resilience onwards.

This being the first of what they hope to be more collaborations, both Nike and Titan expressed excitement and satisfaction over their joining forces for the LeBron 16 x Titan Agimat shoe.

“We are proud and excited that our partnership with Nike is on the Agimat, with its iconic relevance to the people of the Philippines. Since it first launched in 2017, the Agimat has rooted itself not just in basketball performance but also the culture around the game. We are proud to continue deepening that connection through design and storytelling true to Titan’s heritage, culture and spirit,” said Levon Rondina, Chief Brand Officer for Titan.

“We are thrilled to have worked with Titan on this special collaboration of the LeBron 16 Low x Titan ‘Agimat.’ Titan’s love of the game has helped established them as an authentic and vital lifeline of Manila’s basketball scene. We are confident that the Agimat aptly inspires athletes to raise their game on and off the court; to the next level and beyond,” Jino Ferrer, Nike Philippines Country Marketing Manager, for their part, said.

The Nike LeBron 16 Low x Titan “Agimat” is priced at P8,545 and is available at Titan stores, the Titan App, and TITAN22.COM. — Michael Angelo S. Murillo

PLDT Global inks deal with South Korea’s Powercall

PLDT Global Corp. is bringing its products to South Korea’s biggest online distributor of prepaid call cards.

The wholly owned subsidiary of PLDT, Inc. said in a statement it signed an agreement with Powercall Co., Ltd., the developer of the KMall e-commerce application.

The partnership allows the e-commerce platform to sell electronic load (e-load) products of PLDT’s mobile brands Smart, TNT and Sun.

KMall will also start facilitating payments through debit cads, interbank fund transfers via mobile applications, online banking and automated teller machines (ATMs).

“Through this partnership, Filipinos can expect a more convenient and efficient way of purchasing e-load and paying for utility bills in the Philippines via the KMall app,” PLDT Global Vice-President and Global Marketing Operations Head Joel S. Lumanlan was quoted as saying in the statement.

“Since most Filipinos in South Korea do not have credit cards, KMall gives them alternative payment methods to improve their online purchasing experience,” he added.

PLDT Global is under PLDT’s international carrier business group.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez

US eyes 50- and 100-year debt

WITH interest rates on 30-year US debt hitting all-time lows last week, the government is once again considering whether to start borrowing for even longer.

The US Treasury Department said Friday that it wants to know what investors think about the government potentially issuing 50-year or 100-year bonds, going way beyond the current three-decade maximum.

The government stressed that no decision has yet been made on ultra-long bonds, explaining that it’s looking to “refresh its understanding of market appetite.” The idea was broached before, back in 2017, but was shelved after receiving a less-than-warm reception.

“This comes up every now and again,” said Gennadiy Goldberg, US rates strategist at TD Securities. “Every time the takeaway is, there simply isn’t enough demand at that tenor, or at least there hasn’t been in the past.”

The announcement follows a plunge in the 30-year yield to a record low last week below 2%, and also comes in the wake of many other nations opting to extend their borrowing profiles with so-called century bonds. Investors have snapped up 100-year bonds issued by the likes of Austria, although the experience of Argentina underscores some of the potential pitfalls of buying such long-maturity debt.

The yield on America’s current benchmark 30-year bond spiked to its highs of the day and the curve steepened following the Treasury announcement. The 30-year rate climbed as much as 8 basis points on the day to 2.05%, before ending the session at around 2.03%. The yield spread between the US’s longest-maturity debt and its two-year note widened the most in five weeks on Friday.

The Treasury’s group of market consultants, the Treasury Borrowing Advisory Committee, has long been unenthusiastic on the prospect of an ultra-long issue, said Bruno Braizinha, director of US rates research at Bank of America.

The challenge for the Treasury would be to offer a yield attractive enough for the typical investor base of pension funds and institutions, while keeping a lid on the cost of borrowing for US taxpayers. — Bloomberg

Geopolitical tensions seen affecting PHL shares

By Arra B. Francia
Senior Reporter

THE MAIN INDEX may decline in the week should foreign investors continue to dump their shares in the local bourse due to the negative sentiment from geopolitical tensions abroad.

The benchmark Philippine Stock Exchange index (PSEi) slipped 0.42% or 32.88 points to close at 7,795.98 on Friday. It dropped 0.74% on a weekly basis, marking its fourth straight week in the red.

Net foreign selling stood at P4.53 billion on the back of a P35.64-billion turnover. The banking sector suffered most as it lost 3.91%, with both Security Bank Corp. and the Bank of the Philippine Islands down by more than 5%.

“If we see another sell-off from foreign investors, then this market may see another week of losses. We also may see the market calm down as investors wait out this storm,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in a market report.

“The market is looking weaker and weaker by the day, and despite solid economic fundamentals and corporate earnings growth, it could not shake off the effect of these external headwinds.”

The PSEi followed most global stock markets which also ended lower last week as investors feared the possibility of a recession in the United States due to the US Treasury yield curve’s inversion.

An inverted yield curve happens when short-term bonds have higher interest rates compared to long-term bonds, indicating that investors see lower risks for long-term investments. Historically, this scenario has preceded every US recession since 1955.

On top of fears of a US recession, the trade war between the US and China has yet to see any new developments. In the meantime, US President Donald J. Trump has suggested to meet with Chinese President Xi Jinping to help resolve the Hong Kong protests.

Meanwhile, Papa Securities Corp. Sales Associate Gabriel Jose F. Perez said the index will take its cues from Wall Street’s performance.

“The index will have to take its cues from US markets [this] week on a lack of clear and major catalysts for the PSEi,” Mr. Perez said in an e-mail.

On Friday, the Dow Jones Industrial Average jumped 1.20% or 306.62 points to 25,886.01, recovering after an 800.49-point drop midweek — its worst performance so far in 2019. The S&P 500 index also climbed 1.44% or 41.08 points to 2,888.68, while the Nasdaq Composite index went up 1.67% or 129.38 points to 7,895.99.

Investors are also looking at a shortened trading week as financial markets will be closed on Wednesday, Aug. 21, for Ninoy Aquino Day.

AAA Equities’ Mr. Mangun pegged the market’s support at 7,630 to 7,750, with resistance from 7,920 to 8,000.

1...9,1559,1569,157...12,795Page 9,156 of 12,795
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube