Here’s a recap of last week’s (ending March 14) market activity from First Metro Securities.
Property news
DMCI Holdings Inc. (DMC) reported a 21 percent decline in earnings to P19 billion last year, mainly due to weak commodity and electricity prices, and a sluggish real estate market. This was despite the record high contributions from its water utility and off-grid power sectors. Its core net income also fell by 21 percent to P18.8 billion.
D.M. Wenceslao and Associates, Inc. (DMW) reported a 10 percent increase in core net income to P1.8 billion last year, driven by strong leasing performance. Recurring revenues rose 27 percent to P3.3 billion, while commercial building revenues grew 45 percent. Residential revenues, however, dropped 70 percent.
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Economic news
Offshore forex trades. The Bangko Sentral ng Pilipinas (BSP) aims to further restrict banks’ involvement in offshore foreign exchange trades to reduce systemic risks and peso volatility, with stakeholders given until March 26 to provide feedback on a draft circular proposing amendments to regulations on non-deliverable foreign exchange forwards (NDFs) involving the local currency.
Philippine Stock Exchange index
PSEi 6,294.11 (+52.04 pts; +0.8300 percent)
The benchmark index closed the week (March 14) on a strong note, rising 0.83 percent to finish at 6,294.11, extending Thursday’s resilience as bargain hunting gained traction. Property led the recovery with a 1.49 percent gain, followed by the Financial sector which rose 1.39 percent. Despite a choppy start to the week, the index managed to reclaim some lost ground heading into this week, with improving sentiment driven by selective buying and foreign support.
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