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PSEi fell -0.09% to 7,224.21 on profit-taking. MPI fell -8.0% as Bases Conversion and Development Authority (BCDA) issued Swiss price challenge guidelines in connection with the Business and Operating Agreement executed between BCDA and Manila North Tollways Corp. (MNTC) over the SCTEX in July 2011. The gaming components of PSEi fell -3.5% on China’s anti-corruption drive and clampdown on Macau junkets. On top of gaming industry-wide slowdown, BLOOM’s price decline (-7.9%) was exaggerated by the arbitration proceedings relating to Global Gaming Asset Management’s 8% stake in the company.
Elsewhere, Moody’s upgraded the Philippines a notch above investment grade at Baa2 from Baa3 with a stable outlook. BSP kept rates unchanged during its last rate-setting meeting for the year, in line with market expectations.
Foreigners were net sellers last week amounting to Php2.4bn. Total value turnover amounted to Php39.9bn, of which 50% is attributable to foreign transactions. YTD, PSEi’s total value turnover amounted to Php2.0tn with net foreign buying of Php54.2bn.
Please note that FAMI’s Makati and Binondo offices will be closed starting 2PM today, December 8, 2014.
Stay dry and safe everyone. #RubyPH