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Subject: BPI Asset Management: THE MORNING VIEW


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THE MORNING VIEW

News Briefs
January 18,2019

Local Key Events
  • The Bangko Sentral ng Pilipinas (BSP) reported that the registered foreign portfolio for 2018 amounted to US$16.03 billion (-0.2% YoY), beating the central bank's expectation of a net outflow. Outflows for the year amounted to $14.8 billion (-8.8% YoY). Total for 2018 yielded net inflows of $1.2 billion compared to the $195 million net outflows for the same period last year.
     
  • Puregold Price Club, Inc. (PSE Ticker: PGOLD), on a PSE Disclosure, announced that it conducted a Php4.694 billion top-up placement of approximately 104 million common shares at a price of Php45.00 per share to finance its capital expenditures and potential acquisitions for the year. The sale represents 3.8% of PGOLDs total issued and outstanding stock. The deal was done via an overnight book built offering with PGOLD Chairman Mr. Lucio L. Co as the sole selling shareholder.
     
Local Indices
  • The local equities market rebounded as upbeat trading in Wall Street and BSP Deputy Governor Diwa Guinigundo's positive outlook on the  Philippine economy in 2019 fueled investors' optimism. The PSEI closed at 7,927.2 (+0.79% DoD).
     
  • Local fixed income yields further fell after the Joint Foreign Chambers (JFC) said yesterday that they expect foreign direct investment (FDI) to be above the $10 billion level in 2019 on the back of continued political and economic stability. On average, the curve fell 5.03 bps.
     
  • The Philippine Peso weakened against the greenback, tracking the movements in the regional market. The USDPHP pair closed at 52.41 (+0.54% DoD).
US and Europe Indices
  • US equities closed higher on news that Trump administration officials are considering measures to ease up tariffs on Chinese products in an effort to "perk up" financial markets. The DJIA closed at 24,370.10 (+0.67% DoD) while the S&P 500 ended at 2,635.96 (+0.76% DoD).
     
  • European stocks were relatively flat amid Brexit developments, market players still seem to expect a push for an extension of Article 50 past March 29. The MSCI Europe ended at 118.39 (+0.03% DoD).
     
  • US Treasury yields climbed as reports on the possibility of an ending of Chinese imports eased fears on the US-China trade war. On average, yields rose 1.25bps, with the 10-year rising 2.86bps to 2.7504%.
     
  • The US Dollar continue to strengthen after US data came out better than expected, initial jobless claims fell last week  213k from 216k for the week ended. The DXY ended at 96.0810 (+0.02% DoD).
Asia Pacific Index
  • Asian stocks slightly declined despite optimism in US-China trade talks, where American officials were weighing the possibility of easing tariffs on China. The MSCI APxJ closed at 494.54 (-0.08% DoD).
     
Sources: BPI, Business World, PDI, Phil Star, Manila Bulletin, Reuters, Briefing, Bloomberg, CNN, Dow Jones, The Wall Street Journal, CNBC
 

This material, which is strictly for information purposes only, is for your sole use, does not constitute a recommendation or an offer to sell or a solicitation to buy any financial product. Any information is subject to change without notice and BPI is not under any obligation to update or keep current the information contained herein. You are advised to make your own independent judgment with respect to the matter contained in this document. No liability whatsoever is accepted for any loss that may arise (whether direct or consequential) from any use of the information contained herein.

All funds managed by BPI Asset Management and affiliates are Trust and/or Investment Management Funds, which do not carry any guarantee of income or principal, and are NOT covered by the Philippine Deposit Insurance Corporation. Past performance is not a guarantee of future results. BPI Investment Funds are valued daily using the marked-to-market method.

 
 
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