Stock market has room to rally more than 10% by year-end, says famed bull
Stocks stalled a bit this week as they began what’s historically one of their most difficult months, but remain on track to rally double digits by the end of the year, according to a prominent bull. Tony Dwyer, equity strategist at Canaccord Genuity, reiterated his S&P 500 target of 3,200 for the end of 2018, citing the strong manufacturing data released on Tuesday, a rise of nearly 11% from its current level. He also projected the index to rise to 3,360 in 2019, highlighting his view that a much-feared recession isn’t lurking anywhere close. “The Institute for Supply Management showed that the manufacturing sector remains on very solid ground,” he said in a report. “History shows that since 1950, the ISM typically peaks well before the economy enters recession or the S&P 500 hits the cycle high, especially over the past three levered economic periods.” Read More @ https://www.marketwatch.com/story/stock-market-has-room-to-rally-more-than-10-by-year-end-says-famed-bull-2018-09-05?siteid=rss&rss=1
PT&T bows to PSE, will settle outstanding penalties to resume trading Philippine Telegraph and Telephone Co. (PT&T), among the companies vying to become the country’s third mobile telco player, said it would cooperate with the Philippine Stock Exchange on settling any remaining penalties in line with its bid to resume trading. PT&T’s new management assumed a softer tone in a statement released Tuesday after the PSE, the previous day, said the company had repeatedly violated its disclosure rules. Read More @ http://business.inquirer.net/256643/ptt-bows-pse-will-settle-outstanding-penalties-resume-trading
BDO establishes P100-B BDO bond program
BDO Unibank has set up a P100-billion bond program to ensure leeway for further expansion in the years ahead. The bond program has been approved by BDO’s board, the bank said in a disclosure to the Philippine Stock Exchange. “While the program has been established, there is no definite timetable yet for an issuance under the approved peso bond program,” said Luis Reyes Jr., head of BDO’s investor relations and corporate planning. BDO, which has a consolidated equity of some P298 billion, beefed up its capital last year with a P60-billion stock rights offering. This gives the bank more room to increase its leverage. Led by the SM group, BDO is the country’s largest bank in terms of total assets, loans, deposits and trust funds under management. Total resources hit about P2.7 trillion as of end-June. Read More @ http://business.inquirer.net/256641/bdo-establishes-p100-b-bdo-bond-program
WHAT IS THE PSEi SAYING?
The pressure is still downwards for PSEi as the US market hits at all time high and cautious. We only going into the market once the resistance breaks at 8000.
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