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Tuesday, December 09, 2003
Manila
shares close up on Wall St; main index ends at intra-day high
STOCK
ALERT - Bank of the Philippine Islands firmer on cash dividend
Philippines'
CADP Group appoints incumbent president as new CEO
STOCK
ALERT - Philippines' Ayala Land up on possible yr-end window-dressing
Manila
shares higher early on Wall Street's rise, positive local news
STOCK
ALERT - Philippines' PLDT, Globe extend gains on earnings outlook
Philippines'
Equitable PCI Bank forfeits Maynilad Water's deposits - report
Bank
of Philippine Islands sets 0.80 peso/share cash div payment for Jan 7
Philippines'
Globe Telecom reduces directors to 11 from 15
Manila
shares outlook - Higher on Wall Street's rise, positive domestic news
Philippines'
Security Bank sets 2.5 bln pesos debt offer for January - report
Philippines'
Arroyo set to name Amatong as Finance Secretary - Romulo
Philippines'
eTelecare to list on Philippine Stock Exchange in 2004 - report
Philippines'
Meralco asks ERC to reconsider ruling on refund program
Forex
- Philippine peso closes slightly firmer on consolidation
Monday, December 08, 2003
Philippines'
Ayala Land declares 0.03 peso/share regular cash dividend
Philippines
to export coconut fiber to China - Roxas
Philippines'
PNOC unit plans 3 offshore drilling projects
ADB
raises Asia GDP forecast to 5.7 pct in 2003 from 5.3 pct; 6.2 pct in 2004
Manila
shares close slightly higher on positive domestic news
Philippines'
AGP Industrial moves to address capital deficiency
Philippines
deals Abu Sayyaf big blow with capture of top leader - officials
Manila
shares mixed; index up on lower budget deficit, consolidation
STOCK
ALERT - Philippines' PLDT firmer on earnings outlook
STOCK
ALERT - Philippines' Meralco B, First Holdings weaker on profit-taking
Philippine
military captures top Abu Sayyaf leader
Philippine
November budget deficit below ceiling - report
Philippine
central bank approves 100 mln usd in loans for JG Summit, Napocor
Philippine
central bank expects weaker peso, higher interest rates in 2004
American
consultant shot dead in ambush near Philippine capital
Manila
Jockey Club shareholders approve 20.0 pct stock dividend
Philippines'
Prime Media Holdings looks for new investors
| Manila shares close up on Wall St; main index ends at intra-day high |
MANILA (AFX-ASIA) - Share prices closed firmer for the second day, with the main index ending at an intra-day high, thanks to Wall Street's sharp gains overnight and recent positive developments locally, dealers said. The 30-company composite index closed up 15.96 points or 1.18 pct at 1, 365.83 on 529.84 mln shares worth 654.99 mln pesos. It traded between 1,349. 87 and 1,365.83. Gainers beat losers 46 to 20, with 43 stocks unchanged. Dealers said positive sentiment prevailed in line with Wall Street's pre-holiday gains and as security concerns eased following the arrest of a top rebel leader implicated in the kidnapping of dozens of foreigners in the southern Philippines. Positive economic developments such as a better-than-expected economic performance in the third quarter, firmer corporate earnings and a lower-than-ceiling budget deficit as of November also buoyed investor appetite. Dealers expect bargain-hunting to continue as fund managers beef up their stock portfolios ahead of an expected global economic recovery next year. Investors will however continue to keep a close watch on political developments ahead of the 2004 presidential election, they added. "Wall Street's rally paved the way for some bargain-hunters to take advantage of the lull on the political front," First Grade Holdings managing director Astro del Castillo said. "The market is driven by the continued accumulation of telecom stocks. Other than PLDT and Globe, all other issues are on holiday," DA Market Securities president Nestor Aguila said. PLDT was top-traded, up 25.00 pesos at 845 on 177,170 shares. Globe Telecom was the second most active stock, up 15.00 at 765 on 141, 520 shares. A total of 50,000 Globe shares was sold in a block at 745 pesos apiece, while 32,100 PLDT shares were also sold in a separate block at 825 per share. Ayala Corp was up 0.05 at 5.00 on 15.74 mln shares, while its unit Ayala Land gained 0.10 to 5.50 on 5.78 mln shares. SM Prime ended down 0.10 at 6.20 on 7.47 mln shares. Bank of the Philippine Islands was up 1.50 at 45.50 after announcing it will pay a cash dividend of 0.80 pesos per share for stockholders on record as of Dec 23. Dealers said a regular cash dividend of 0.80 pesos per share, which will be paid on Jan 7, is relatively higher than those of other issues. First Holdings was down 0.25 at 18. Meralco A and B were unchanged at 14.75 and 23.50, respectively. Export and Industry Bank was down 0.01 at 0.55 on 22.5 mln shares. The all-shares index was down 4.49 at 853.37. The commercial-industrial index gained 23.75 to 2,056.42. Property was up 0.84 at 536.87. Mining was up 12.73 at 1,661.10. Oil was up 0.02 at 1.37. Banking and financial services gained 7.52 to 432.52. (1 usd = 55.286 pesos) cecille.yap@afxasia.com |
| STOCK ALERT - Bank of the Philippine Islands firmer on cash dividend |
MANILA (AFX-ASIA) - Bank of the Philippine Islands was firmer in late morning trade after announcing it will pay a cash dividend of 0.80 pesos per share for stockholders on record as of December 23, dealers said. BPI was up 0.50 pesos at 44.50 on 49,900 shares. The 0.80 pesos per share regular cash dividend, which will be paid on January 7, is relatively higher than those of other issues, dealers said. (1 usd = 55.278 pesos) cecille.yap@afxasia.com |
| Philippines' CADP Group appoints incumbent president as new CEO |
MANILA (AFX-ASIA) - Sugar producer CADP Group Corp said the comapny's board of directors has appointed Miguel Gaspar as its new chief executive officer, concurrent to his position as president. He replaces Pedro Roxas as CEO. The company owns two integrated sugar manufacturing operations and is an investor in a venture that recently signed an agreement for the purchase of Hawaiian-Philippines Co, a sugar milling firm in Negros Occidental in the central Philippines. edelacruz@afxasia.com |
| STOCK ALERT - Philippines' Ayala Land up on possible yr-end window-dressing |
MANILA (AFX-ASIA) - Ayala Land was firmer in late morning trade as investors are seen undertaking some year-end window-dressing, dealers said. They said investors are also likely to take selective positions ahead of 2004. Ayala Land was up 0.10 peso at 5.50 on volume of 1.65 mln shares. (1 usd = 55.30 pesos) edelacruz@afxasia.com |
| Manila shares higher early on Wall Street's rise, positive local news |
MANILA (AFX-ASIA) - Share prices were higher in early trade, taking the cue from Wall Street's rise overnight, and on sentiment boosted by some recent positive developments on the domestic front, dealers said. At 10.05 am, the composite index was up 7.77 points or 0.58 pct at 1,357. 64 on 198.37 mln shares worth 78.3 mln pesos. It has so far traded between 1, 349.87 and 1,358.81. Gainers edged out losers 13 to 3, with 23 stocks unchanged. The The blue-chip index rallied 102.60 points (1.03 percent) to 9,965.20 -- its highest level since May 28, 2002. On the domestic front, a top rebel leader implicated in the kidnapping of dozens of foreign hostages in the southern Philippines was captured by the military, dousing some lingering security and terrorist concerns. Dealers said the country's better-than-expected economic performance in the third quarter and a lower-than-ceiling budget deficit as of November are other positives that have been welcomed by investors. "Expect investors to take positions ahead of next year's expected global economic recovery. Locally, no bad news is good news for the market," First Grade Holdings managing director Astro del Castillo said. Ayala Corp was top traded, steady at 4.95 on 3.8 mln shares. PLDT was up 15.00 pesos at 835 on 22,480 shares. Its American Depositary Receipts rose 0.32 usd in New York last night to 14.87. Globe rose 10 to 760 on 9,900 shares. Export and Industry Bank shed 0.01 to 0.55 on 5.5 mln shares. Petron Corp gained 0.02 to 2.18 on 612,000 shares. Ayala Land was up 0.10 at 5.50. Chemical Industries of the Philippines gained 10.00 to 35 on 30,000 shares in a cross transaction. The all-shares index was down 4.67 at 853.19. The commercial-industrial index gained 10.14 to 2,042.81. Mining was unchanged at 1,648.37. Property was up 7.84 at 543.87. Oil was up 0.03 at 1.38. Banking and financial services was unchanged at 425.00. (1 usd = 55.275 pesos) cecille.yap@afxasia.com |
| STOCK ALERT - Philippines' PLDT, Globe extend gains on earnings outlook |
MANILA (AFX-ASIA) - Shares of Philippine Long Distance Telephone Co (PLDT) and Globe Telecom firmed further in early trade as investors positioned themselves ahead of expected robust full-year earnings of the country's major wireless service providers, dealers said. PLDT was up 15 pesos at 835 on volume of 11,940 shares. PLDT's American Depositary Receipts advanced 0.32 usd in New York last night to 14.87. Globe rose 10 to 760 on 4,400 shares. Positive sentiment on Wall Street last night also helped sustain buying interest in local stocks with good fundamentals, dealers said. The gains in PLDT and Globe are leading the market's upside so far. Both PLDT and Globe have posted significantly better profits in the first three quarters of the year, boosted by gains from their wireless businesses. (1 usd = 55.30 pesos) edelacruz@afxasia.com |
| Philippines' Equitable PCI Bank forfeits Maynilad Water's deposits - report |
MANILA (AFX-ASIA) - Equitable PCI Bank, one of the local creditors of Maynilad Water Services Inc, has unilaterally applied 9.7 mln pesos in deposits against the company's matured debts, the BusinessWorld newspaper reported, quoting court documents. The bank's director for corporate communications Paquito Vista, when asked to comment on the report, said the move to offset the deposit against the loan is provided for under the loan agreement. Maynilad, the water unit of Benpres Holdings Inc and whose officials were not available for comment immediately, questioned Equitable PCI's move before a regional trial court, where its rehabilitation case is pending. "We ask the return of the funds to aid Maynilad in its rehabilitation," Maynilad counsel Ronald Ledesma was quoted by BusinessWorld as saying in the company's motion. Equitable PCI is a member of a consortium of local banks that lent Maynilad 1.8 bln pesos for its capital expenditure. (1 usd = 55.325 pesos) cecille.yap@afxasia.com |
| Bank of Philippine Islands sets 0.80 peso/share cash div payment for Jan 7 |
MANILA (AFX-ASIA) - Bank of the Philippine Islands said it has set for Jan 7 the payment of an 0.80 peso per share cash dividend it declared earlier to all common shareholders on record as of Dec 23. The bank set the payment and record dates after securing the central bank's approval for the cash dividend declaration. (1 usd = 55.325 pesos) edelacruz@afxasia.com |
| Philippines' Globe Telecom reduces directors to 11 from 15 |
MANILA (AFX-ASIA) - Globe Telecom Inc said its board of directors has approved the reduction of the number of directors to 11 from 15. No explanation was provided in the company's disclosure to the stock exchange. Ayala Corp and Singapore Telecom International Pte Ltd earlier acquired DeTeAsia Holding GmbH's 37.67 mln shares in Globe, or about 24.80 pct of the latter, for 680 pesos each. Globe likewise bought back a portion of the German firm's stake. Globe, in its disclosure, said the board also approved to amend pertinent provisions of its Articles of Incorporation and By-Laws to effect the reduction. This will be submitted for the ratification of stockholders in its annual stockholders' meeting on March 22, 2004. (1 usd = 55.325 pesos) cecille.yap@afxasia.com |
| Manila shares outlook - Higher on Wall Street's rise, positive domestic news |
MANILA (AFX-ASIA) - Share prices are expected to open higher on the back of Wall Street's healthy rise overnight and recent positive developments on the domestic front, dealers said. Yesterday, the 30-company composite index closed up 4.50 points or 0.33 pct at 1,349.87 on 154.76 mln shares worth 427.76 mln pesos. Gainers beat losers 34 to 29, with 43 stocks unchanged. "If buying support firms up, we can expect the index to continue its upward trek towards the 1,400 level," BPI Securities said in its daily note to investors. Investors yesterday welcomed the arrest of a top rebel leader implicated in the kidnapping of dozens of foreign hostages in the southern Philippines. A lower-than-ceiling budget deficit for the month of November also lifted sentiment. "Although significantly weakened, the Abu Sayyaf continues to be a threat and Commander Robot's apprehension is seen as a major victory in the war against the criminal group," AB Capital Securities research director Jose Vistan Jr said. The market is seen supported at 1,310, while resistance is at 1,390. (1 usd = 55.325 pesos) cecille.yap@afxasia.com |
| Philippines' Security Bank sets 2.5 bln pesos debt offer for January - report |
MANILA (AFX-ASIA) - Security Bank Corp is set to offer 2.5 bln pesos in subordinated debts by the second week of January to form part of the bank's Tier 2 capital, the BusinessWorld newspaper reported, quoting the bank's chief operating officer Alberto Villarosa. Villarosa also confirmed that Multinational Investment Bancorporation and BDO Capital will act as the bank's selling agents. ING Bank NV is the lead arranger of the offering. (1 usd = 55.325 pesos) cecille.yap@afxasia.com |
| Philippines' Arroyo set to name Amatong as Finance Secretary - Romulo |
MANILA (AFX-ASIA) - President Gloria Arroyo is set to name Finance Undersecretary Juanita Amatong as the permanent replacement of former Finance Secretary Jose Isidro Camacho, who resigned from his post last month, Executive Secretary Alberto Romulo said. Amatong was earlier appointed as officer-in-charge of the finance department. "The next Finance Secretary will be Nitz Amatong, (and that's) final," Romulo told reporters. Amatong has been with the finance department for more than 20 years, and oversees most of its bureaus. cecille.yap@afxasia.com |
| Philippines' eTelecare to list on Philippine Stock Exchange in 2004 - report |
MANILA (AFX-ASIA) - eTelecare, the call center unit of listed information technology firm SPI Technologies, will list its shares on the Philippine Stock Exchange next year by way of introduction or without going through an initial public offering, the Philippine Daily Inquirer newspaper reported, quoting SPI investor relations officer Leny Salumbre. "Listing is expected to happen in the first half of 2004, possibly after the elections," Salumbre was quoted to have said. After the listing by way of introduction, eTelecare will have an initial public offering as required by the stock exchange, Salumbre added. eTelecare has the same roster of stockholders as SPI. cecille.yap@afxasia.com |
| ADB raises Asia GDP forecast to 5.7 pct in 2003 from 5.3 pct - UPDATE |
(Updating with economic and other growth forecasts for China) MANILA (AFX-ASIA) - The Asian Development Bank (ADB) said it has raised its GDP growth forecast for Asia to 5.7 pct in 2003 from 5.3 pct estimated in September, on support seen from domestic consumption and China's rapidly increasing importance as the driver of intra-regional trade and economic growth. The Manila-based ADB said it sees stronger growth over the next two years -- at 6.2 pct in 2004 and 6.3 pct in 2005 -- with "developing Asia" remaining the fastest growing region. "The outlook for a rebound in the industrialized countries in 2004-2005 and the resilience demonstrated by developing Asian in 2003 indicate the region is poised for higher growth over the next two years," ADB president Tadao Chino said in a statement released in Tokyo today. Chino said developing Asia's growth this year is expected to be faster than in 2003 notwithstanding the Iraq conflict, volatile oil prices, and uncertainty caused by terrorism and SARS. He said China should lead the region, with the bank forecasting that the the world's most populous nation will post economic growth of 8.5 pct for 2003, 8.0 pct for 2004 and 7.7 pct for 2005. In a September report, the ADB had put China's GDP growth at 7.8 pct for this year and 7.9 pct for 2004. Chino noted that 2003 saw Asia's ability to weather those major shocks, indicating the region's fundamental strength. Accumulation of substantial reserves by various countries in the region should help shield their economies from any external shocks, he added. Looking ahead, he said Asia's economic outlook "should become less vulnerable to downturns in industrialized countries as intraregional trade expands and regional economies focus on policies to spur domestic demand." He sees both opportunities and challenges in the growth of intraregional trade led by China. Chinese exports are expected to surge 20 pct in 2004 and 2005, while its imports are seen rising a higher 25 pct in each of those years, Chino said. "As a result, China will post a small deficit in the current account in 2004, estimated at 0.1 pct of its gross domestic product," he said. The main challenge is for developing Asian economies to raise productivity and competitiveness by undertaking major structural reforms over the medium term, Chino said. This would help them accelerate growth over the medium to long term, he added. edelacruz@afxasia.com |
| Philippines' Meralco asks ERC to reconsider ruling on refund program |
MANILA (AFX-ASIA) - Manila Electric Co said it has formally appealed the Energy Regulatory Commission's (ERC) ruling ordering the power distributor to complete the third phase of its refund program in six months from January. Meralco has asked the ERC to extend the period to 12 months. "Requiring (the) applicant to refund the aggregate amount of 4.9 bln pesos within the first six months of 2004 will put tremendous strain on its cash flows as it will coincide with payments to be made on (the) applicant's long term debts of about 3.9 bln pesos, which will be maturing during the same six months period," Meralco told the ERC in its petition filed on Friday. It said this does not include 4.32 bln pesos in short term loans due in January 2004. "Extending the refund period to 12 months, from January to December 2004, will render the implementation of Phase III feasible," it said. Meralco said completing Phase III of the refund of overcharges will force it to cut its budget for normal operations as well as capital expenditures. Meralco had originally proposed to complete the third phase in 24 months. Phase III covers about 822,000 active residential and general services customers who consumed more than 300 kilowatthours in the April 2003 bill. By the end of the year, Meralco said it expects that 82.0 pct of its customers, covered by the first and second phases, will have benefitted from the refund program. Meralco has proposed that the fourth and final phase, which covers its commercial and industrial customers, be implemented in a period of nine years. It expects the refund, which dates back to 1994, to cost it more than 30. 0 bln pesos. (1 usd = 55.325 pesos) edelacruz@afxasia.com |
| Forex - Philippine peso closes slightly firmer on consolidation |
MANILA (AFX-ASIA) - The peso closed slightly stronger on relatively thin volume as the currency is seen consolidating at 55.20-55.30 to the US dollar, dealers said. The thin volume could indicate that some people may be holding on to their dollars in anticipation of a weaker peso after the Christmas holidays, as the market prices in political uncertainties in the run-up to the May presidential elections, they said. The peso closed at 55.325 to the dollar after trading between 55.250 and 55.400 on volume of 51.5 mln usd. It closed at 55.360 pesos on Friday. "The peso is in a consolidation phase and it looks like it's going to end the year at these levels," a commercial bank dealer said. The peso is unlikely to gain more ground and settle at 54 levels before year-end, as corporate dollar hedging appears to emerge if it touches the 55. 20 level, he added. Both the dollar's weakness against regional currencies and some positive domestic developments -- such as the military's capture of a top leader of the Abu Sayyaf and the government's November budget deficit coming in below the target level -- failed to help prop up the peso significantly. The military captured Galib Andang, also known as Commander Robot, in a clash in the southern Philippines on Sunday in what is seen as a major victory in the international fight against terrorism, as Manila and Washington have linked the militant Islamic group to the al-Qaeda terror network of Osama bin Laden. Andang is said to have led the Abu Sayyaf in several kidnappings of some foreigners, and bomb attacks in the Philippines. As for the November budget deficit, Department of Finance officer-in-charge Juanita Amatong said the government was able to keep it below the 17.8 bln peso ceiling due to better-than-expected revenues. A dealer said the market is expecting the peso to be weaker after the year-end. "We've also heard the same forecasts from the monetary authorities," he added. Central bank governor Rafael Buenaventura said the central bank expects the peso to weaken and interest rates to rise next year, mainly due to political uncertainties ahead of the May 2004 election, higher oil prices and a possible wage increase. The "preliminary" economic targets, based on an expected 10 pct growth in exports and 11 pct rise in imports in 2004, will be presented to the International Monetary Fund and the Development Budget Coordination Committee (DBCC). Buenaventura said the peso may average at 55.50 to the US dollar next year, lower than the DBCC's estimate of 54.50. The benchmark 91-day Treasury bills could average between 8.0-9.0 pct next year, as opposedst the 7.5 pct forecast of the DBCC, he said. edelacruz@afxasia.com |
| Philippines' Ayala Land declares 0.03 peso/share regular cash dividend |
MANILA (AFX-ASIA) - Property developer Ayala Land Inc said it will pay a regular cash dividend of 0.03 peso per share to all shareholders on record as of December 23. The payment has set for January 16. The dividends will be paid from the unappropriated retained earnings of the company as of Dec 31, 2002. (1 usd = 55.30 pesos) edelacruz@afxasia.com |
| Philippines to export coconut fiber to China - Roxas |
MANILA (AFX-ASIA) - Philippine coconut fiber products broke new grounds with their entry into the China market as a result of the Philippines' recent third selling mission, Trade and Industry Secretary Manuel Roxas II said. "We have to take advantage of the China market which has limited sources of coconut fiber and very few competing products and supplier countries," Roxas said in a statement. SO far this year, the country has exported 175 metric tons of coconut fiber to China for a total of 32,375 usd. In 2004, the Philippines is expected to export between 200-250 metric tons of the product. Thailand and Sri Lanka have been China's main coconut fiber suppliers in the past seven years. "Now that the inroad into the big China market is gained, let us capitalize on this opportunity by studying other products that we could sell to them," Roxas said. During the recent selling mission, Philippine firm Cocotechnologies Inc signed a memorandum of understanding with Guangzhou Rivers Enterprise Co Ltd, a Chinese firm engaged in slope protection and river rehabilitation. Under the agreement, Cocotech will supply coconut coir and geotextiles, mats, bio-logs and coconut peats to Rivers Enterprise needed for soil erosion control. The Chinese company successfully pilot tested the use of coco net in a 4, 000 square meter area of a dumpsite, landfill, water reservoir and wetland. There are 30 to 40 dumpsites in Guangdong province with an average area of 150,000 square meters where the technology could be used. The Philippine's trade department said the project could generate 4.32 mln usd in revenue and employ 1,500 workers should the Guangdong government approve the use of coconut sites. (1 usd = 55.32 pesos) cecille.yap@afxasia.com |
| Philippines' PNOC unit plans 3 offshore drilling projects |
MANILA (AFX-ASIA) - PNOC Energy Development Corp (PNOC-EDC) is looking at three new drilling-related projects, in Bangladesh, Indonesia and Papua New Guinea, to be implemented in early 2004, company chairman and president Sergio Apostol. PNOC-EDC, a unit of state-owned Philippine National Oil Co (PNOC), expects to sign a new contract for drilling rig maintenance with Bangladesh Petroleum and Exploration. Apostol said PNOC-EDC will also bid for the drilling of oil and gas wells for a project by Bangladesh Gas Field Co. PNOC-EDC also plans to tie up with PT Matra, an Indonesian drilling firm, to offer integrated drilling management services to Pertamina for the drilling of Ulubelu and Lumut Balai geothermal fields in that country. In New Guinea, PNOC-EDC is interested in a new contract with Lihir Management Co for steamfield development and management, Apostol said. He said these projects will help transform PNOC-EDC into a global company. "Our newly-organized marketing team has already identified possible clients (abroad) and is aggressively participating in drilling rig tender processes," he said. afxmanila@afxasia.com |
| ADB raises Asia GDP forecast to 5.7 pct in 2003 from 5.3 pct; 6.2 pct in 2004 |
MANILA (AFX-ASIA) - The Asian Development Bank (ADB) said it has raised its GDP growth forecast for Asia to 5.7 pct in 2003 from 5.3 pct estimated in September, on support seen from domestic consumption and China's rapidly increasing importance as the driver of intra-regional trade and economic growth. The Manila-based ADB said it sees stronger growth over the next two years - at 6.2 pct in 2004 and 6.3 pct in 2005 - with "developing Asia" remaining the fastest growing region. "The outlook for a rebound in the industrialized countries in 2004-2005 and the resilience demonstrated by developing Asian in 2003 indicate the region is poised for higher growth over the next two years," ADB president Tadao Chino said in a statement released in Tokyo today. Chino said developing Asia's growth this year is expected to be faster than in 2003 notwithstanding the Iraq conflict, volatile oil prices, and uncertainty caused by terrorism and SARS. He noted that 2003 saw Asia's ability to weather those major shocks, indicating the region's fundamental strength. Accumulation of substantial reserves by various countries in the region should help shield their economies from any external shocks, he added. Looking ahead, he said Asia's economic outlook "should become less vulnerable to downturns in industrialized countries as intraregional trade expands and regional economies focus on policies to spur domestic demand." He sees both opportunities and challenges in the growth of intraregional trade led by China. The main challenge is for developing Asian economies to raise productivity and competitiveness by undertaking major structural reforms over the medium term, Chino said. This would help them accelerate growth over the medium to long term, he added. edelacruz@afxasia.com |
| Manila shares close slightly higher on positive domestic news |
MANILA (AFX-ASIA) - Share prices closed firmer, but off highs, on easing security concerns following the arrest of a top rebel leader implicated in the kidnapping of dozens of foreign hostages in the southern Philippines, dealers said. A lower-than-ceiling budget deficit for the month of November also lifted sentiment, although gains were partially offset by last minute profit-taking that took its cue from Wall Street's weakness on Friday. Most of the regional bourses traded lower. The 30-company composite index closed up 4.50 points or 0.33 pct at 1,349. 87 on 154.76 mln shares worth 427.76 mln pesos. It traded between 1,343.90 and 1,354.40. Gainers beat losers 34 to 29, with 43 stocks unchanged. Philippine Long Distance Telephone Co was top-traded, up 15.00 pesos at 820 on 141,480 shares. Its American Depositary Receipts rose 0.29 usd to 14. 55 in New York last Friday. "This is one of the rare instances when the local market is insulated from the region's weakness. The arrest of Commander Robot (Galib Andang of the Islamic militant Abu Sayyaf group) is one positive event which provided the market that much-needed breather," Citiseconline.com analyst Mark Alan Canizares said. The capture "is one big step in (the country's) international fight against terrorism," Armed Forces of the Philippines chief General Narciso Abaya said. The Abu Sayyaf is a group of Islamic militants branded as terrorists by Washington and Manila and is said to have links with the al-Qaeda network. Dealers said investors also welcomed reports that the government kept its November budget deficit below the 17.8-bln peso ceiling due to better-than-expected tax collection during the month. Initial estimates indicate that the budget deficit for November stood at 14.0 bln pesos, or 4.0 bln lower than the limit. "Economic news (has) been positive recently...(including) expectations of increased economic activities and higher exports in the last two months of the year," Accord Capital Equities analyst Ron Rodrigo said. Globe Telecom was second most active, up 5.00 at 750 on 93,960 shares. SM Prime was unchanged at 6.30 on 9.3 mln shares. Ayala Land and parent Ayala Corp ended flat at 5.40 and 4.95, respectively. Meralco B, open to foreigners, shed 0.25 to 23.50 on 1.04 mln shares. Meralco A was down 0.25 at 14.75 on 229,500 shares. Dealers said investors took profit on the stocks after recent gains. First Holdings, Meralco's parent firm, was also down 0.50 at 18.25 on 371, 100 shares. Chinabank shed 5.00 to 660 on 13,220 shares. The all-shares index was up 4.98 at 857.86. The commercial-industrial index gained 7.24 to 2,032.67. Property was down 0.63 at 536.03 and mining 5.08 lower at 1,648.37. Oil was down 0.01 at 1.35 Banking and financial services gained 0.42 to 425.00 (1 usd = 55.32 pesos) cecille.yap@afxasia.com |
| Philippines' AGP Industrial moves to address capital deficiency |
MANILA (AFX-ASIA) - AGP Industrial Corp said it has prepared a list of measures to take in order to deal with its capital deficiency and avoid a possible delisting from the stock exchange. The company, which has interests in construction, steel fabrication and garment manufacturing, said it is bringing in new investors and will ask shareholders for a written waiver of their pre-emptive rights. AGP will also apply for an increase in authorized capital and a decrease in par value, and for a quasi-reorganization to be filed with the Securities and Exchange Commission. The company told the stock exchange it will also eliminate its liability regarding Trans-Philippines Investment Corp through its investment in unit Atlantic, Gulf & Pacific Co of Manila, Inc. It said these activities will take 60 to 90 days to complete, starting from the date when the memorandum of agreement is signed with the new investors, whom it did not identify. The company did not elaborate further in its disclosure to the stock exchange. edelacruz@afxasia.com |
| Philippines deals Abu Sayyaf big blow with capture of top leader - officials |
JOLO, Philippines (AFX-ASIA) - Abu Sayyaf, the al-Qaeda-linked kidnap group in the southern Philippines, has been dealt a severe blow with the capture of their top leader in a military operation, officials said today. Philippine military chief General Narciso Abaya said the military nabbed Galib Andang, popularly known as Commander Robot, after a gun battle in southern Jolo island late yesterday just as he was planning another abduction. "Galib Andang was planning another kidnapping in Jolo. With our speedy intelligence information, we learned what he was planning and prevented what could have been another problem," Abaya said, without elaborating. Andang, who was wounded in the leg in the gun battle, is to be transported to Manila where he will be presented to President Gloria Arroyo, who has vowed to destroy the Abu Sayyaf with help from the US. Arroyo said Andang's capture, through a public tip-off, is a "significant victory" over the Abu Sayyaf, according to her spokesman Ignacio Bunye. "This is a big step in our fight against terrorism and a big step in the international fight against terror," said Abaya, who flew to the south to be briefed on the ongoing military operations against the kidnapping gang. The Abu Sayyaf, a group of Islamic militants Washington and Manila have branded as terrorists, is said to have links with the al-Qaeda network of terror mastermind Osama bin Laden. The group is feared for its kidnapping sprees and bomb attacks against foreigners and Christians carried out in the southern Philippines for more than a decade. They often behead victims if ransom demands are not met. Andang was part of a band of Abu Sayyaf members who raided neighboring Malaysian resorts in Sipadan island in April 2000, seizing 21 hostages, including Europeans. Most of the hostages were released in batches over several months, allegedly in exchange for huge ransoms. Jolo military commander Colonel Alexander Yapching said Andang was nabbed in the town of Indanan after being wounded in the gun battle. He is undergoing treatment at a military camp. Hufin Hajan, district chief of the area where Andang was captured, said a white van and several other military vehicles swooped down on a house in Indanan late yesterday. Several shots were fired from a .45 caliber pistol and an M79 grenade launcher and then a man believed to be Andang was rushed away in the van, Hajan said. Andang had a 5 mln pesos bounty on his head. Abaya said troops will now intensify their hunt for the remaining Abu Sayyaf leaders, namely Khadaffy Janjalani, Radulan Sahiron, Abu Sulaiman and Hamsiraji Sali. All have been implicated in kidnappings and murders of foreigners and Filipinos in recent years. Military spokesman Colonel Daniel Lucero said in Manila that Andang will, ho pefully, yield information on the links between the Abu Sayyaf and al-Qaeda-linked regional Islamic militant group Jemaah Islamiyah (JI). "With the capture of Galib Andang, hopefully, he will reveal to us, their links with the Jemaah Islamiyah in the region and the other plans of the Abu Sayyaf in spreading terrorism," Lucero said. |
| Manila shares mixed; index up on lower budget deficit, consolidation |
(Updating with analyst comments, share prices) MANILA (AFX-ASIA) - Share prices were mixed with a positive bias mid-session, after directionless trade early in the session, thanks to improved sentiment on reports that the government's budget deficit for November came in below the ceiling, dealers said. Philippine Long Distance Telephone Co, whose American Depositary Receipts in New York gained 0.29 usd on Friday, led gainers. Trading recovered from a slow start, buoyed by news that a top rebel leader implicated in the kidnapping of dozens of European, American and other foreign hostages was captured on Sunday in the southern Philippines. At 10.31 am, the 30-company composite index was up 4.82 points, or 0.36 pct, at 1,350.19 on volume of 49.77 mln shares worth 87.85 mln pesos. It has so far traded between 1,343.90 and 1,352.50. Losers led gainers 16 to 15, while 34 stocks were unchanged. PLDT was top-traded and up 20.00 pesos at 825 on 38.130 shares. The government was able to keep its November budget deficit below the 17. 8 bln peso ceiling due to better-than-expected tax collection during the month, finance officer-in-charge Juanita Amatong said. Initial estimates indicate the budget deficit for November came in at 14 bln pesos, or 4 bln lower than the ceiling. Total revenues were reportedly beyond the 54.43 bln peso target for the month due to higher collections by the Bureau of Internal Revenue and the Bureau of Customs. "Recent news on the economy have been quite healthy, starting with a better-than-expected budget deficit for November and expectations of a recovery in exports in the last two months of the year," Accord Capital Equities analyst Ron Rodrigo said. However, political uncertainties ahead of the 2004 presidential election continue to cap the market's rise. Aspirants to the presidency have until January 2 to file their certificates of candidacy, although indications point to a race between four to five candidates, with popular movie star Fernando Poe Jr seen as a very strong contender, given his mass appeal. Meralco B, open to foreigners, was down 0.25 at 23.50 on 270,500 shares, while Meralco A was unchanged at 15.00 on 100 shares. Dealers said investors have started to take profit on the company's foreign-held shares after recent gains. Meralco parent First Holdings shed 0.25 to 18.50. Chinabank was down 5.00 at 660 on 8,830 shares. Globe Telecom gained 15.00 at 760 on 2,750 shares in anticipation of the company's robust earnings for the full year. Petron Corp fell 0.02 to 2.16. The all-shares index was up 0.69 at 853.57. The commercial-industrial index gained 11.10 at 2,036.53. Property was up 0.64 at 537.30 and mining unchanged at 1,653.45. Oil was down 0.03 at 1.33. Banking and financial services shed 3.83 to 420.75. (1 usd = 55.30 pesos) cecille.yap@afxasia.com |
| STOCK ALERT - Philippines' PLDT firmer on earnings outlook |
MANILA (AFX-ASIA) - Philippine Long Distance Telephone was firmer in early trade on expectations of strong full-year earnings for the country's dominant carrier, dealers said. PLDT was up 20 pesos at 825 on volume of 30,500 shares. Its New York-listed American Depositary Receipts (ADR) gained 0.29 usd to 14.55 on Friday, still cheaper compared with PLDT's local price. The market expects PLDT's earnings to remain strongly supported by gains in the wireless business. Expecting no additional major provisions in the last quarter of 2003, PLDT sees a full-year net profit of 9.0-10 bln pesos after posting a 58-pct year-on-year rise in net profit to 5.8 bln pesos in the nine months to September. Net profit before provisions stood at 11.30 bln pesos, 140.00 pct higher than the year-earlier period. (1 usd = 55.30 pesos) edelacruz@afxasia.com |
| STOCK ALERT - Philippines' Meralco B, First Holdings weaker on profit-taking |
MANILA (AFX-ASIA) - The B shares of Manila Electric Co and those of parent First Philippine Holdings Corp were weaker in early trade as investors locked in recent gains, dealers said. Investors have already discounted the Energy Regulatory Commission's granting to Meralco of a provisional 0.12 peso per kilowatthour rate increase, which will take effect on January 1, they added. Meralco B, available to foreign investors, was down 0.25 peso at 23.50 on volume of 350,500 shares and First Holdings down 0.25 at 18.50. Meralco A was unchanged at 15. (1 usd = 55.30 pesos) edelacruz@afxasia.com |
| Philippine military captures top Abu Sayyaf leader |
MANILA (AFX-ASIA) - The military said it has captured on Sunday Galib Andang, popularly known as Commander Robot of the Islamic militant Abu Sayyaf group. Armed Forces of the Philippines chief General Narciso Abaya said his capture was a big step in the international fight against terrorism. Andang was reportedly shot and held after a gunfight in Panabuan village in Indanan town in Jolo, south of Zamboanga city, Abaya said. The Abu Sayyaf group, which has been linked by the authorities to the al-Qaeda network headed by Osama bin Laden, was responsible for several kidnappings, which involved some foreigners, and bomb attacks in different parts of the country. edelacruz@afxasia.com |
| Philippine November budget deficit below ceiling - report |
MANILA (AFX-ASIA) - The government kept its November budget deficit below the 17.8-bln peso ceiling due to better-than-expected tax collection during the month, the BusinessWorld newspaper reported, quoting finance officer-in-charge Juanita Amatong. "In fact, as of today, even with higher expenditures due to bigger constructive cash (expenses), our deficit is still below target," Amatong was quoted to have said. Initial estimates indicate that the budget deficit for November stood at 14 bln pesos, or 4 bln lower than the limit. Total revenues were reportedly beyond the 54.43-bln peso target for the month due to favorable collection by the Bureau of Internal Revenue and the Bureau of Customs. (1 usd = 55.36 pesos) cecille.yap@afxasia.com |
| Philippine central bank approves 100 mln usd in loans for JG Summit, Napocor |
MANILA (AFX-ASIA) - The central bank's policy-making Monetary Board has approved 100 mln usd in loans to JG Summit Holdings Inc and the state-run National Power Corp. Approved were JG Summit's 60 mln usd eight-year loan from Bayerische Hypho-Und Vereinsbank AG and Succursule de Paris, which will be used by JG Summit unit Digitel Telecommunications Philippines (Digitel) in financing part of a 65 mln usd supply contract with Alcatel. The Monetary Board also gave the go ahead to Napocor's 40 mln usd 20-year loan from the Japan Bank for International Cooperation. The loan will be used to finance the establishment of the Wholesale Electricity Spot Market. (1 usd = 55.36 pesos) cecille.yap@afxasia.com |
| Philippine central bank expects weaker peso, higher interest rates in 2004 |
MANILA (AFX-ASIA) - The central bank expects the peso to weaken and interest rates to rise next year, driven mainly by the political uncertainties ahead of the May 2004 election, higher oil prices and a possible wage increase, central bank governor Rafael Buenaventura said. "We are still firming up the numbers for next year. They could still change but the general outlook has been factored in," Buenaventura told reporters. The "preliminary" economic targets, based on an expected 10 pct growth in exports and 11 pct rise in imports in 2004, will be presented to the International Monetary Fund (IMF) and the Development Budget Coordination Committee (DBCC). Buenaventura said the peso may average at 55.50 to the US dollar next year, lower than the DBCC's estimate of 54.50. The benchmark 91-day Treasury bills could average between 8.0-9.0 pct next year as against the 7.5 pct forecast of the DBCC, he said. (1 usd = 55.36 pesos) cecille.yap@afxasia.com |
| American consultant shot dead in ambush near Philippine capital |
MANILA (AFX-ASIA) - Unknown attackers shot dead an American consultant while he was inspecting a real estate development project near the Philippine capital, police said Sunday. Christopher Paul Celiga, a 41-year-old project manager for the Ayala Greenfields development, was shot dead Saturday at a site in Calamba town, Laguna province, just south of Manila, Senior Superintendent Joel Goltiao said. Shells from M16 rifles were found at the scene, Goltiao said. Police did not know who was behind the shooting, the spokesman said. Local television reports speculated that local communist insurgents were responsible but Goltiao said police could not confirm this. The US embassy could not be contacted for comment. Communist guerrillas are known to be active in areas outside the capital where they often extort money from local businesses. |
| Manila Jockey Club shareholders approve 20.0 pct stock dividend |
MANILA (AFX-ASIA) - Manila Jockey Club said its shareholders have approved a 20.0 pct stock dividend, the record and payment dates of which have yet to be determined by the Securities and Exchange Commission and the Philippine Stock Exchange. Shareholders also gave the nod to the company's planned stock rights offering and to an increase in authorized capital stock. The board had earlier approved a rights offering to finance the development of a racetrack at its 77-hectare San Lazaro Leisure Park in Cavite. The rights offering will be issued at 1.00 peso for every share held and will be accompanied by a 20.0 pct stock dividend. Shareholders also approved the transfer of the company's non-core assets to a qualified company or companies under certain parameters. It said the property-for-share swap should result in the Manila Jockey Club owning the prospective company, which it said should be solvent. Due diligence should be conducted before the swap, it said. (1 usd = 55.312 pesos) cecille.yap@afxasia.com |
| Philippines' Prime Media Holdings looks for new investors |
MANILA (AFX-ASIA) - Prime Media Holdings Inc, formerly First E-Bank Corp, said it is looking for new investors who will inject their assets in exchange for shares in the company. "The assets contemplated to be injected into the company may be in the form of equity holdings in media-related industry or participation in a project in the same or allied industry," Prime Media told the stock exchange. The company is now cleaning up its balance sheet before accommodating new investors. The banking operations of First E-Bank, which was a unit of Metro Pacific Corp, were acquired by Banco de Oro Universal Bank in late 2002. First E-Bank later changed its name to Prime Media Holdings Corp and its primary business purpose to a holding company. edelacruz@afxasia.com |
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