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Shares drop on profit taking amid uncertainties

By Denise A. Valdez, Senior Reporter

PHILIPPINE SHARES declined on Thursday as investors secured profits amid declining global markets.

The 30-member Philippine Stock Exchange index (PSEi) erased 128.40 points or 2.01% to close at 6,249.39, while the broader all shares index cut 55.21 points or 1.45% to end at 3,753.08.

“Local shares saw one of its worst sell-offs in months amid rising COVID (coronavirus disease 2019) cases and jitters over the (US) election outcome,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message.

More than 500,000 new coronavirus cases were recorded across the globe on Wednesday, with the majority coming from the United States (US), India, France, and other European countries.

This resulted in a second national lockdown declared in France and Germany, and the United Kingdom being expected to follow the same track.

The upcoming US election on Nov. 3 is also causing Read the rest

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USD/CAD – Canadian Dollar Extends Losses

The Canadian dollar is getting hammered, along with most of the G-10 major currencies. A wave of safe-haven demand for U.S. dollars washed over FX markets yesterday, leading to substantial losses. Those losses consolidated overnight.

The stampede into safe-haven currencies was sparked by steep increases in the number of new coronavirus cases reported in Europe and America. France was hit so hard that President Macron imposed new lockdown measures on the country beginning Friday. French restaurants and bars will be closed, and travel will be restricted. Germany imposed similar measures. There were a record-setting 80,125 new COVID-19 cases reported in the U.S. on Wednesday.

The resurgence of COVID-19 cases aggravated equity markets. Volumes were reduced due to an abundance of caution ahead Tuesday’s U.S. election, and the poor liquidity exacerbated Wall Street’s selloff. The Dow Jones Industrial Average fell more than 900 points.

Sentiment may change later today when US … Read the rest

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PHL stocks extend decline on increased selling

By Denise A. Valdez, Senior Reporter

THE MAIN INDEX continued to decline on Wednesday as selling pressure grew and overseas concerns over rising coronavirus cases loomed on the market.

The bellwether Philippine Stock Exchange index (PSEi) lost 37.29 points or 0.58% to close at 6,377.79. The broader all shares index also gave up 9.82 points or 0.25% to end at 3,808.29.

“More investors are now securing profits from the recent rally, which is giving investors who have not been able to ride the rally a chance to pick up shares at lower prices,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.

The PSEi is now on its second consecutive day of decline and has been down 113.4 points or 1.75% since its six-day rally ended.

Foreign investors have also returned to selling, ending five straight days of bullishness, after it posted P442.88 million worth of … Read the rest

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USD/CAD – Canadian Dollar Drops

The Canadian dollar opened sharply lower compared to yesterday’s close.

USD/CAD climbed from $1.3185 in Asia to $1.3252 in Europe, and prices are just below the top in Toronto trading.

The move was triggered by a wave of safe-haven demand for U.S. dollars as soaring COVID-19 cases in the US, Europe, and the U.K. raised fears that authorities will impose lockdown measures.

President Emmanuel Macron of France will address his nation today as the government is considering a 28-day lockdown for the entire country. German authorities are contemplating a two-week shutdown to help stop the spread of coronavirus. Italy has already imposed strict measures. Things are just as bad in the U.S., with over 73,000 coronavirus cases reported yesterday.

FX traders were also disappointed at the U.S. administrations failure to enact another COVID-19 Relief bill which now appears stalled until January.

EUR/USD extended its losses from yesterday and fell to … Read the rest

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Peso climbs on BoP surplus, vaccine news

THE PESO strengthened against the dollar on Tuesday as the country logged a balance of payments (BoP) surplus last month and on news that patients in the clinical trials of drug company AstraZeneca Plc showed a positive response to its coronavirus vaccines.

The local unit closed at P48.375 versus the dollar on Tuesday, rising by two centavos from its P48.395 finish on Monday, data from the Bankers Association of the Philippines showed.

The peso opened Tuesday’s session at P48.40 against the greenback. It reached a peak of P48.37 while its weakest showing was at P48.48 per dollar.

Dollars traded rose to $838.87 million on Tuesday from $671.25 million on Monday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso rose after the Bangko Sentral ng Pilipinas (BSP) reported a BoP surplus in September.

“The peso was stronger after stronger BoP surplus data as the highest in four … Read the rest

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Stocks Flat After Monday Selloff

Stocks opened little changed on Tuesday as Wall Street attempted to rebound from a massive selloff a day earlier while traders pored over news on dealmaking, earnings and the coronavirus.

The Dow Jones Industrials eked higher 5.56 points to 27,690.94, after Monday’s 650-point loss, its biggest one-day drop since Sept. 3.

The S&P 500 restored 5.47 points to 3,406.44.

The NASDAQ recovered 60.38 points to 11,419.32.

AMD said it was buying rival Xilinx in a $35-billion all-stock deal in a push for the data centre market. Xilinx led chip stocks higher, gaining 12.3%. AMD shares dipped 1.7%.

With less than a week of trading left in October, the Dow is down slightly for the month and the S&P 500 has added 1.1%, and NASDAQ is up 1.7%.

A slew of large-cap companies reported quarterly earnings on Tuesday, including manufacturing giants 3M and Caterpillar. Caterpillar reported a steep drop in year-over-year … Read the rest

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Dunkin’ Courted by Inspire Brands

Dunkin’ Brands (NASDAQ:DNKN) has held preliminary discussions to be acquired by Inspire Brands, a private equity-backed restaurant company, Dunkin’ said in a statement on Sunday.

“There is no certainty that any agreement will be reached,” said Karen Raskopf, Chief Communications Officer of Dunkin’ Brands.

The deal being discussed would take Dunkin’ Brands private at a price of $106.50 a share, said the New York Times which first reported the development.

Inspire Brands, the owner of Arby’s and Jimmy John’s, declined to comment.

The announcement could be made public as soon as Monday, the New York Times said.

Inspire’s portfolio includes more than 11,000 Arby’s, Buffalo Wild Wings, SONIC Drive-In, Rusty Taco, and Jimmy John’s locations worldwide, according to the company’s website.

Inspire Brands was formed in 2018 by private-equity firm Roark Capital as a holding company after Arby’s completed the acquisition of Buffalo Wild Wings.

With more than 21,000 points … Read the rest

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Stocks lose momentum as market pockets gains

By Denise A. Valdez, Senior Reporter

LOCAL SHARES started to lose momentum on Monday as investors began to pocket gains from the recent rally, resulting in flattish trading.

The Philippine Stock Exchange index (PSEi) inched up 7.13 points or 0.11% to close Monday’s session at 6,491.19. The wider all shares index fell 0.59 point or 0.01% to 3,859.36.

“We saw some profit taking in early trading; however, investors were quick to pick up issues that pulled back,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.

The PSEi opened at 6,496.19 and reached a low of 6,453.20 intraday. It started picking up during the last minutes of trading, peaking at 6,517.26 but eventually falling to close at 6,491.19.

“Philippine shares initially continued to struggle for direction. bouncing around the break-even line, as several uncertainties loomed large,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan Read the rest

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