“Local issues redeemed the market through their improved reported earnings, weekly report. Ayala Land Inc. was the latest to report earnings when it said profits in the first half rise by 28 percent to P4.33 billion. Other developers such as Sy-led SM Prime Holdings and SM Development Corp. posted strong results as well as banking stocks like BDO Unibank Inc. and Bank of the Philippine Islands.
Negative developments abroad were hurdled by local blue-chip issues that announced improvements on their earnings report for the first semester.
Other corporate events were more event-driven such as rum-maker Tanduay Holdings Inc. after announcing that it would become the holding firm for businessman Lucio Tan’s assets for beer, real estate, airlines, banking and cigarettes. Tanduay closed the week at P10.88 each, versus P4.96 per share on July 27.
Agribusiness distributor Calata Corp. slid almost 30 percent last week after the Securities and Exchange Commission confirmed it is investigating the volatile price swings of the company shortly after it went public in May.
Philex Mining Corp., the country’s largest gold producer, fell 7.6 percent to P19.96 each on Friday after it said it is temporarily closing its main mine in Padcal, Benguet following leaks in its tailings pond.
Abroad, US stocks did well on Friday following a better-than-expected jobs report. The Dow Jones Industrial Average rose 1.69 percent to 13,096.17 while the Nasdaq and S&P 500 rose 2 percent and 1.9 percent, respectively.
Stocks market week august 6-10 2012
Analysts said local drivers will be the main market movers as more companies report earnings in the first semester.
The following week holds a string of briefings from local issues, particularly by the conglomerates as they are seen to gain on the next sessions based on the released earnings of their subsidiaries, Another domestic factor will be consumer price index that will give an insight on how the country will fare on its second quarter economic growth,
inflation at the lower end of the target range of 3 percent to 5 percent. We expect the index to range between 5,372.03 and 5,143.99, given the lower market volume and anticipation of the ‘ghost month,
Stocks to watch week august 6-10 2012 :
Activity is seen to center on companies reporting earnings, In its recent report, COL Financial chose as top picks Metropolitan Bank and Trust Co., Metro Pacific Investments Corp., Ayala Corp., Alliance Global Group Inc., Ayala Land Inc., EEI Corp., BDO Unibank Inc., SM Prime Holdings Inc. and Puregold Price Club Inc.
For dividend yielding stocks, top picks are Bank of the Philippine Islands, Robinsons Land Corp. and Manila Water Co. Inc.
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