Before the market opens - July 17, 2007

The Dow Jones Industrial Average (DJIA) continues its run to newer all-time highs. It advanced higher by 43.73 points (+0.31%) last night in WallStreet to close at 13,950.98.






In the Business News:

BOP posts surplus of $3.1B in H1

The country's balance of payments (BOP) surplus hit $3.1bn in the first 6 months of 2007, rising 56% annually. The June surplus was at $834 mn; as foreign exchange inflows pushed it to a year-high.
In the same period in 2006, the surplus was at PhP2.04bn and reached $3.769 bn by the end of last year.



Net foreign buying in stocks soars 155% to 64.4B in firts half

Net foreign buying for the first half of 2007 in the local equities market reached PhP 64.4 bn (+155%) from PhP 25.26 bn last year.
In June(2007), foreign buying reached PhP 17.83 bn and eclipsed the previous all-time monthly high of PhP 15.96 bn in September 2006.

First half of 2007 compared to first half of 2006:
total foreign buying PhP 358.43 bn (+124.7%) from PhP 159.48
total foreign selling PhP 294.03 (+120%) from PhP 134.22 bn
total foreign trades PhP 652.4 bn (+122.1%) from PhP 293.7 bn
total domestic trades PhP PhP 658.47 (+198.3%) from PhP 220.7

As of end-June 2007, total capitalization is at PhP 8.36 trillion (+16%) from PhP 7.17 trillion at the end of 2006.
The market capitalization of listed domestic companies was at PhP 4.38 trillion (+30.7%) from PhP 3.35 trillion a year ago.



Gov't rejects bids for 182-day, 364-day T-bills
The 91-day T-bill rate rose to 3.625% in yesterday's auction from 3.477% on July 2.
The Bureau of Treasury (BTr) rejected all bids for the 182- and 364- day Treasury bills after banks bid high rates for the papers.

reference / source: Philippine Star Business - July 17, 2007