Quick takes from around the market
PSE [link] tanked by 2.5% back below the 7,000 level. Most take this as a response to the US Federal Reserve, that signaled it would both raise rates (economic cool-down) and trim its balance sheet (selling pressure on assets). Some thought the messaging indicated that the US Fed was “behind” in dealing with inflation.
Filinvest Development Corp [FDC 6.93 0.14%] [link] FY21 net income ?28% because of the continuing impact of COVID. Most of FDC’s profit came from EastWest Bank [EW 8.25 1.08%], followed by the property segment. FDC attributed some of the drop to a “high base effect”, which basically means that it did extra great in the previous year and couldn’t replicate that feat.
Robinsons Land [RLC 19.80 2.70%] [link] increasing participation in the TOPS (Temporary Off-site Passport Services) program. Robinsons Malls is now host to 10 TOPS sites. These kinds of tie-ups with government agencies help attract foot-traffic to the malls, and increase the “stickiness” of the malls to the local economy. Similar to Injap Sia’s strategy with MerryMart [MM 1.79 1.10%]. There’s a natural fit here for tycoons looking to pump traffic, and the cash-strapped government needing a way to hack through the backlog of applications for passports and visas as the restrictions lessen over time.
--
Merkado Barkada's opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor must do his or her own due diligence before trading, as the facts and figures in each particular article may have changed.
- Latest
