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MARKETPLAY
Trading still seen upbeat
Posted: 9:05 PM | Apr. 30, 2006
Inquirer
Published on Page B1 of the May 1, 2006 issue of the Philippine Daily Inquirer
STOCK investors are expected to continue tracking first quarter results when trading resumes this week.
"Earnings reports are slowly coming out with positive indications," AB Capital Securities wrote in a daily report.
The benchmark PSEi rose 7.5 points to 2,270.53 last week.
Last week, share prices also rebounded on news that the government has shelved plans to lift the value-added tax on oil to soften the impact of skyrocketing crude prices.
BPI Trade meanwhile expects a correction towards the end of the week.
"While buying sentiment remains strong, we may still see this correction continuing (this) week; particularly if shares of Philippine Long Distance Telephone Co. trade lower over the long holiday weekend," BPI Trade said.
BPI Trade said the market's support are at 2,270, 2,200, 2,172, 2,100. Resistance on the other hand may be at 2,270, 2,300 and then at 2,400.
Based on 2TradeAsia.com's roundup of corporate updates last week, companies that have announced their first quarter income include ABS-CBN Corp., which posted a turnaround in net profit to P121 million from a net loss of P114 million in the same quarter last year.
Manila Water Corp. of the Ayala Group said its net earnings grew 24 percent to P600 million in the first quarter from P483 million in the same period last year.
Also, SM Investments Corp. said it was hiking its working capital budget for this year to P15 billion.
Meanwhile, Empire East Land Inc. said it bought back 800,000 common shares at 66.38 centavos a share as part of its buy-back program.
Banco de Oro Universal Bank (BDO) meanwhile said it was still keen on a merger with Equitable PCIBank (EPCI), despite recent controversies. BDO believes the merger of both banks will be in the best interest of BDO and EPCI shareholders. BDO said it would wait for indications from the EPCI Bank board before making any move to amend its offer price.
eTelecare International meanwhile is eyeing to list its shares at the Philippine Stock Exchange and the
Construction firm DMCI Holdings Inc. has submitted a bid to the Power Asset and Liabilities Management for the 600-megawatt Batangas coal-fired thermal power plant in Calaca, Batangas.
San Miguel Corp. late last week said it would postpone its proposed offer of a rare type of shares and pursue an investigation on allegations from an anonymous letter sender claiming that one of its subsidiaries has overstated its sales.
Elizabeth L. Sanchez
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