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Futures and Commodity Market News |
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Sun May 18, 2008 |
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Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts |
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MANILA, May 09, 2008 (Thomson Financial via COMTEX) -- Philippine stocks may open higher on Friday on follow-through buying after U.S.-listed shares of index heavyweight Philippine Long Distance Telephone Co. (PLDT) advanced overnight, but investors may remain reluctant to take long-term positions amid lingering concerns about inflation. Bargain hunters may chase PLDT shares following the 1.2 percent gain in its American Depositary Receipts, and after Wall Street's upturn on Thursday as investors snapped up oil and metal stocks that would benefit the most from higher commodities prices. Wall Street may have shaken off worries about inflation but rising commodity prices remain a major concern for the Philippines, one of the world's biggest rice importers and is also heavily dependent on imported crude oil. Rice futures surged Thursday on worries about widespread shortage following the devastation caused by Cyclone Nargis to Myanmar's rice fields. Other commodities traded mostly higher, with corn futures rising to a record and crude oil hitting an all-time high above $124 a barrel. "Higher oil price is still a threat as it will result in higher costs of production. People can only hope for better opportunities in companies which have reported good earnings in the past quarter," AB Capital Securities said in a note. Manila's 30-company composite index finished up 21.19 points or 0.8 percent at 2,760.62 on Thursday. PLDT advanced for the second straight day after the company said on Tuesday that first-quarter net profit rose 21 percent despite higher inflation. The company is also keeping its full-year core net profit guidance at 37 billion pesos. Philippine exports data for March, which will be released before the opening bell, may also provide guidance to investors. ING was looking at an increase of 8.5 percent from the year-earlier period and a rise of 18.0 percent from February. ($1 = 42.6 pesos) enrico.delacruz@thomsonreuters.com MMMM |
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By Staff Reporter (C) 2008 XFN, Inc. All rights reserved. ********************************************************************** As of Sunday, 05-04-2008 23:59, the latest Comtex SmarTrend® Alert, an automated pattern recognition system, indicated a DOWNTREND on 04-23 Please read the End User Agreement. News provided by COMTEX |
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