SPANISH BUSINESS COMMUNITY AIRS WHOLEHEARTED PUBLIC SUPPORT FOR GMA
MANILA, October 27, 2004 (STAR) By Marianne V. Go - Spanish Ambassador Ignacio Sagaz expressed yesterday Spain’s wholehearted support and confidence in the Arroyo administration during the opening of the first-ever Spanish export expo.
During the opening of the three-day Espana Exporta 2004, Ambassador Sagaz said that Spain wants to send "a clear political message" that "we believe in you."
The Spanish business community’s confidence in the Philippine economy, Sagaz said, is evidenced by the participation of 25 Spanish business firms in the trade expo.
One of participants, MESCO or Management and Engineering Spanish Consortium, is offering its engineering consulting service for various infrastructure project such as the South Luzon Expressway (SLEX).
In the food and beverage sector, two other producers of the world-famous brandy de Jerez are hoping to gain more recognition in the Philippines.
At present, only Domecq’s Fundador brand reportedly accounts for 90 percent of Spanish brandy de Jerez imports to the country.
The two other companies interested in tapping the Philippine market are Grupo Garvey and Jose Estevez, S.A.
Total trade between the Philippines and Spain last year, Sagaz said, amounted to $340 million.
Latest data from the Department of Trade, puts RP-Spain trade flows for the first seven months of this year at $95.1 million.
Market surges 33 points on strong technical rebound The Philippine Star 10/27/2004
The stock market closed 1.91 percent higher yesterday on a technical rebound after hitting a four-week low Monday, dealers said.
Telecommunications stocks led the recovery ahead of the quarterly results season when the companies are expected to report sustained gains in their mobile phone businesses.
The Philippine Stock Exchange composite index rose 33.09 points to 1,768.78 after moving between 1,735.69 and 1,768.78.
Volume was 1.539 billion shares worth P1.841 billion after 1.59 billion shares worth P731.7 million on Monday.
The broader all-shares index fell 4.81 points to 1,097.38.
Gainers beat losers 48 to 24, while 28 stocks were unchanged.
"The market staged a technical rebound, with investors taking positions in select stocks with good fundamentals," said Nestor Aguila of DA Market Securities.
However, he said the sustainability of these gains is uncertain.
"Financial markets will be looking closely at developments in the United States ahead of the Nov. 2 presidential election," he said.
Philippine Long Distance Telephone Co. rose P20 to P1,360.
Digital Telecommunications Philippines rose eight centavos to P1.30 while Globe Telecoms gained P45 to P1,030.
Bank of the Philippine Islands gained 50 centavos to P46.50, while Ayala Corp. rose 20 centavos to P6.40.
San Miguel Corp. saw both its B shares, available to foreign investors, and its A shares fall by 50 centavos each to P70.50 and P56, respectively.
Banco De Oro, which had a cross sale involving P1.08 billion worth of shares, was top-traded but closed unchanged at P18.25.
"The market was down the past few sessions, so there may have been some investors taking that as an opportunity to buy stocks, given that some companies are set to release their earnings reports," Citisec.com investment analyst Mark Alan Canizares said.
"But some investors are still expecting some volatility in the market. Assuming good third-quarter earnings reports come out, investors will be looking for guidance to see how high oil prices will impact on corporate prospects for the rest of the year," he said.
Oil prices have been setting new record highs in past months. On Monday, however, US light crude oil for December delivery lost $0.63 (euro 0.49) to settle at $54.54 (euro 42.6) a barrel on the New York Mercantile Exchange. – AFP
Reported by: Sol Jose Vanzi
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