Download daily review 2016-01-28

PAMI DAILY REVIEW
January 28, 2016
Markets At A Glance
U.S.A.
U.S.A.
PSEi Index
EUROPE
CHINA
HONG KONG
Shanghai Comp
Ind
2,735.56
HK Hang Seng
Dow Jones
S&P 500
FTSE 100
15,944.46
-1.38%
1,882.95
-1.09%
5,990.37
1.33%
-0.52%
19,052.45
1.02%
News Highlights
-
MANILA, Philippines — The domestic economy grew at a pace of 6.3% in the fourth quarter of 2015, bring
the full-year growth of 5.8%, the government announced Tuesday. The fourth quarter growth, meanwhile,
was expectedly the highest quarterly growth for the year. Yet it is still slower than the 6.6% posted in the
same period in 2014. The Philippine Statistics Authority said the fourth quarter GDP was driven by the
services sector that grew by 7.4% from 5.6%, Industry followed as a major growth driver, decelerating to
6.8% from 9.1%. Services was also main driver of the full-year economy, accelerating by 6.7% from 5.9%
the previous year. (Source: The Philippine Star 01/28/2016)
6,507.22
+195.62 (+3.10%)
6,507.22
6,344.06
6,344.06
6,311.60
8,136.97
6,084.28
-13.44%
-6.40%
18.65
7.6T
High
Low
Open
Prev Close
52w High
52w Low
1y Rtn
YTD Rtn
P/E Ratio
Mkt Cap
*Source: Bloomberg
The Global Economy
-
-
-
US: U.S. stocks closed more than 1% lower Wednesday, despite higher oil prices, as disappointing
quarterly reports weighed and the Fed statement renewed concerns about global economic growth. As
widely expected, the Federal Reserve left rates unchanged in its post-meeting statement Wednesday.
The central bank said it is "closely monitoring global economic and financial developments and is
assessing their implications for the labor market and inflation, and for the balance of risks to the outlook."
(Source: CNBC 01/27/2016)
EU: European markets eked out gains on Wednesday as investors tried to shake off oil's fluctuations and
the slew of disappointing earnings ahead of the release of the U.S. Federal Reserve's next statement.
Brent crude price closed at around $32.37 per barrel. Germany's BASF, the world's largest chemicals
company by sales, said 2015 earnings would be lower than expected after it took impairment charges in
its oil and gas division resulting from the low oil price. (Source: CNBC 01/27/2016)
Asia: Markets in Asia trimmed losses to trade mixed, following a lower finish on Wall Street after the
Federal Reserve kept its monetary policy unchanged, but appeared to signal expectations of weaker U.S.
growth. Japan's retail sales for December fell 1.1% on-year, according to government data, showing some
weakness in household demand. The Bank of Japan starts its two-day policy meeting on Thursday. On
the earnings front, major companies in Japan and South Korea including Fanuc, Posco and Kawasaki
Heavy Industries are set to announce earnings. (CNBC 01/28/2016)
The Local Stock Market
- STOCKS staged a strong rebound yesterday, sending the benchmark index past the 6,500 mark, fueled
by optimism on the country’s economic growth performance and hopes that the US Federal Reserve will
keep interest rates unchanged. The US central bank concludes a two-day policy meeting today, with
monetary officials expected to keep interest rates steady amid the turbulence in global financial markets.
All counters saw sharp gains yesterday. Mining and oil was the session’s top performer, rising 514.36
points or 6% to 9,086.80. Likewise, services advanced 68.06 points or 4.8% to 1,486.04; holding firms
went up 200.83 points or 3.41% to 6,077.56; and property added 69.77 points or 2.75% to
2,598.64.(Source: BusinessWorld Online 01/27/2016)
The Bonds Market
-
Bureau of Treasury reported that government debt servicing marginally dropped in November last year
due to lower interest payments. Data from the treasury bureau showed the government spent P26.5 billion
for debt servicing in November, lower by two percent compared with P27.06 billion in the same month in
the previous year. Meanwhile, the national government borrowed 90% lower in November last year due to
rejections and partial awards made during bi-monthly auctions of treasury debt papers. In November,
2015, gross borrowings declined to P3.340 billion from P33.704 billion in the previous year. Of that,
foreign borrowings reached P786 million, while domestic counterparts stood at P2.554 billion. But amid
global uncertainty and volatility in the financial markets, the treasury bureau decided to defer its fresh
offshore borrowings this month. National Treasurer Roberto B. Tan explained the government was just
“more closely” monitoring the developments in the financial markets for its planned $2 billion worth of
borrowings. (Source: Manila Bulletin 01/24/2016)
PAMI Funds
PFI
PHFI
PEIF
NAVPS
1.1558
3.9889
2.1370
15.4549
3.4414
43.8474
-3.32%
-3.40%
-6.13%
PSGF
476.3600
-5.81%
PABF
PGBF
0.8199
-7.41%
0.92%
Funds
PMIF
PBF
PDBF
YTD
0.03%
0.08%
1.27%
1.0582
*as of previous day's closing.
USDPHP Exchange Rate
Previous day's Close
47.815
Change (P)
Change (%)
-0.1800
-0.38%
*Source: Bloomberg.
PDST-Reference Rates
Tenor
1M
6M
1Y
5Y
10Y
20Y
25Y
PDST-R1
2.4550
1.6135
1.7422
3.7889
4.3115
5.4517
5.1449
PDST-R2
2.4417
1.6135
1.7393
3.7725
4.2972
5.0485
5.0578
*Source: PDS Group
Economic Indicators
SDA Rate
Inflation Rate (Dec 2015)
GDP Growth (4Q2015)
2.50%
1.50%
6.30%
*Latest figures as of release dates.
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