PHILIPPINE stocks are predicted to trade largely sideways within the subsequent two months, with no positive catalyst seen to lift sentiment to interrupt strong resistance at the 7,four hundred factors level on the Philippine Stock Exchange
index (PSEi).

Rabboni Francis B. Arjonillo, president of investment financial institution First Metro Investment Corp. (FMIC), stated nearby
equities are drifting sideways as overseas buyers stay discouraged by way of global tendencies, mostly resulting in threat-off selling.

“We do not see positive catalysts for neighborhood equities inside the next  months. If at all, the headwinds appear daunting,” Arjonillo said inside the March difficulty of The Market Call, the monthly capital markets studies book of FMIC and University of Asia and the Pacific (UA&P).


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“These consist of: 1) the strengthening of the U.S. Economic system and dollar and its poor impact at the peso; and (2) the monetary fundamentals on the outside side show some cracks because the present day account looks headed closer to a deficit as a result of years of an overrated foreign money,” he brought.

Generally flat closing February with a 0.2 percent decline for the month, the PSEi became plagued with the aid of coverage uncertainties the beyond few weeks because of the US Fed price hike worries, Arjonillo said.

Those uncertainties offset the gains made by means of pick stocks at the returned of excellent corporate earnings and strong domestic economic fundamentals.

With the Fed having hiked quotes by way of 25 foundation points in March and without a catalysts visible transferring the markets each time quickly, the FMIC president stated “the investing approach remains the equal” for the next two months, which includes “persistence and look for value stocks mainly in the client, banking and electricity sectors, in addition to entry on market downturns.”

LISTED company Atlas Consolidated Mining and Development Corp. On Wednesday suggested a wider net lack of P879 million in 2016, the second one directly 12 months that the miner landed inside the purple amid an ongoing price and performance software.

In a disclosure to the Philippine Stock Exchange, Atlas stated it registered a consolidated net loss of P879 million in 2016, which turned into eight percent larger than the internet lack of P814 million recorded in 2015.

Atlas attributed the wider loss to a one-time provision on disputed enter tax credit well worth P495 million. Excluding this, the employer’s underlying net loss become P384 million, representing a 53 percent improvement at the prior yr.


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“Operational efficiencies and fee optimization have been the key techniques of Atlas Mining for the duration of the recent period of lower copper costs,” the employer said.

It said sales reached P12.08 billion, up by using 7 percentage from 2015, on the higher volume of copper shipments and income of gold, which helped mood the lower copper charges inside the international marketplace.

Copper sales improved through 2 percent due to the boom in concentrates shipped, which rose four percentage from 169,304 dry metric lots (DMT) of copper concentrates in 2015 to 176,one hundred thirty DMT in 2016.

The better shipment quantity offset the drop in copper fee, which fell 10 percentage to $2.21 per pound final yr from $2.46 consistent with pound in the previous year.

Gold sales extended 34 percentage due to better cargo quantity and expenses. Shipment extent extended by way of 4,879 oz to 32,211 oz, while the common rate rose to $1,241/oz.In 2016 from $1,154/ouncesthe yr before.

It said extra sales was additionally found out from the sale of 25,000 DMT of magnetite for P12 million.

With higher sales and lower coins running costs, earnings before interest, tax, depreciation and amortization (EBITDA) advanced by using forty six percent to P3.17 billion from P2.17 billion.