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Kick start your day, May 12: PH stocks up for 2 straight days after election

Plus PH companies are now reporting their gains in Q1.
By Entrepreneur Staff |

 

PSE
RISE. The Philippine Stock Exchange index shows gains for 2 consecutive days following the May 9 election, and after market jitters days before and apparently, for a possible Rodrigo Duterte win for presidency. Photo by Ryan Lim / Malacañang Photo Bureau

 

 

Rise

The Philippine Stock Exchange Index (PSEi) continue its rise for second consecutive day following the May 9 election.

 

PSEi closed up 3.1% to 7396.52, adding to its 2.1% gain in the previous session, a positive development despite sharp exports decline in March. Investors also continued to cheer the election’s likely outcome, The Wall Street Journal reported Wednesday, May 11.

 

But analyst asked by The Wall Street Journal said the market is still trying to get its head around what presumptive president Rodrigo “Rody” Duterte.

 

Some analysts before expressed apprehension over a Duterte win, and business groups called for voters to really think about voting for the mayor.

 

“Ultimately, there’s still not enough information to take the peso clearly in one direction or the other yet,” Julian Wee, senior markets strategist for Asia at National Australia Bank told The Wall Street Journal.

 

Related: How Duterte’s lead links to PH peso's fall in April

 

On May 10, best wishes and wish lists for the presumptive president.

 

Related: Business groups, leaders express support for Duterte

 

Partial, unofficial tally of votes is available also on these websites: ABS-CBN newsGMA News, and Rappler.com

 

COMELEC also launched this website,http://www.pilipinaselectionresults2016.com/.

 

 

Gains

Philippine companies have started reporting their gains—or losses for the first quarter of the year.

 

Aboitiz Equity Ventures, Inc. posted a consolidated net income of P5 billion ($107.55 million) for the first quarter of 2016—up 24% year-on-year versus 2015—driven by the strong performance of its power, banking and financial services, and infrastructure business units.

 

AboitizPower grew its consolidated net income for the first quarter of the year by 15% to P5 billion ($107.55 million), while core net income rose by 10% to P4.8 billion ($103.25 million) from P4.3 billion ($92.49 million) last year.

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Emperador Inc. of billionaire Andrew Tan, the world’s largest brandy company and the Philippines’ largest liquor conglomerate, recorded nearly P9 billion ($193.47 million) in consolidated revenues in the first quarter of 2016 with net income amounting to P1.4 billion ($30.71 million).

 

Related: PH Emperador takes over Spain’s Bodegas Fundador

 

Another company of Tan, Megaworld’s Global Estate Resorts Inc., GERI), the country’s biggest developer of integrated tourism estates, posted a net income of P209-million ($4.50-million) in the first quarter of 2016, up 50.84% from P139-million ($2.99-million) of the same period the previous year.

 

Philippine Savings Bank, the thrift bank arm of the Metrobank group, recorded a 12% increase in net income to P434.8 million ($9.35 million), was up from P387.1 million ($8.33 million) posted in the same period last year, with the continued expansion of its core businesses as of end-March 2016.

 

Related: 5 features of the new PSBankʼs Business Online Buddy – Lynda C. Corpuz

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