August 18, 2017
Daily Summary
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US Tracker
US stocks drop on speculation that Gary Cohn, business friendly advisor to the president, may resign.
DOW 21,750.73 -274.14 -1.24%
EPHE 35.49 -0.46 -1.28%
PHI 34.01 -0.33 -0.96%
Peso 51.35
TEL Par 1,746 vs 1,760 TEL
Economic News
FDI net inflows of US$206.0mn in July. Foreign portfolio investments or ‘hot money’ posted a net inflow of $206 million in July, an improvement from the $72-million net inflow in June, as investors kept their exposure in the local stock market.
PH GDP grew 6.5% in 2Q17. This is slightly above consensus' 6.4% and within the government's 6.5-7.5% target. 1H17 GDP growth now stands at 6.4%. The services sector (+6.1%) grew slower YoY due to relatively relaxed growth in transport and communication. The industry sector, meanwhile, expanded by 7.3% on robust demand of fuel, metal, electronics, and furniture. Agricultural output rose as well by 6.3% on strong production.
Corporate News
SCC looks into entering the RES market. Through its RES arm SCRC, SCC is looking to penetrate the contestable consumer market with a total demand of 3,830MW. This may be in response to its increasing spot exposure, which now accounts for 43% of SLPGC's total volume sales from just 18% last year. Sourcing capacity contracts from the RES market is not a new strategy; EDC and AP have been targeting this space since late last year. SCC last 174.70.
RECENT REPORTS
Upside from generation imminent
CLC: Head in the CloudsExpensive valuations and steep targets
Immaterial impact on MBT from possible full provisioning of fraudulent loans.
EAGLE continues to enjoy a home court advantage vs. imports
Robust project pipeline supported by strong balance sheet and asset tactical maneuvering
Speculation of interest from foreign banks shore up share price
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