MANILA Electric Co. (Meralco) and three other companies included in the computation of the Philippine Stock Exchange index (PSEi) made it to the list of the market’s top 30 gainers.

However, ISM Communication Corp., a non-PSEi stock, was the best performer in the week ended July 18.  It closed on Friday at P0.47—also the stock’s close in the previous two sessions—up 20.51 percent from previous week.          

But Petron Corp. was probably last week’s biggest surprise. Despite the rising oil prices at its outlets, it lost its lure among investors closing at P5.90, down 6.35 percent.

Now for the other losers: Property stocks were among the week’s worst performers including Ayala Land Inc., Robinsons Land Corp. and Vista Land and Landscapes Inc. and Eton Properties Phils. Inc.

The weekly market monitor prepared by a team of stock watchers of the Philippine Stock Exchange (PSE), showed ISM Communication has piled up a total gain of 95.83 percent in the past four weeks.

ISM Communication acquired last year 20-percent stake in Eastern Telecommunications Phils. Inc. for P204.09 million. 

In a filing posted on the PSE web site, the company said it financed the acquisition with the P300-million proceeds from its stock rights offering in June 2007.

In its quarterly disclosure on its financial performance in the first three months of 2008, ISM Communication said it now owns 77.69 percent of ETPI’s outstanding common shares.

Meralco has been inching up lately despite the continuing campaign of the Arroyo government to oust the Lopezes from the control of the company’s board and management. It has accumulated a four-week gain of 22.62 percent when it closed on Friday at P51.50, up 3 percent from the previous week.

The other PSEi stocks that made it to the list of last week’s gainers were JG Summit Holdings Inc., up 2.78 percent at P7.70; Rizal Commercial Banking Corp., up 1.69 percent at P15; and SM Prime Holdings Inc.., up 1.43 percent at P7.10.

Ayala Land has been slowly recovering from the explosion that destroyed a portion of Glorietta Mall last year. But it was a short-lived rebound as it has lately been on the slump.

Last week, Ayala Land showed even a blue chip is subject to market’s unpredictable swing. It closed on Monday at P9.30 and slid to P9.20 on Tuesday, to P900 on Wednesday and to P8.70 on Thursday. On Friday, it closed at P8.50, down 8.60 percent from last week, thereby piling up 14.14-percent loss in the last four weeks.

Vista Land, another index stock like Ayala Land, plunged 9.24 percent to P2.16 on Friday. So far, it has accumulated 28- percent loss in four weeks, according to PSE’s weekly monitor.  

GLOBE Telecom should protect its market share by devising new schemes aimed at signing up new mobile-phone users to its network while keeping its subscribers from transferring to other operators.

PAL prospects weakened by increase in fuel cost

FLAG carrier, Philippine Airlines (PAL), said its net profit for the first quarter ending June this year will most likely be dampened by the surge in fuel cost.

Meralco inches up; Ayala falls

MANILA Electric Co. (Meralco) and three other companies included in the computation of the Philippine Stock Exchange index (PSEi) made it to the list of the market’s top 30 gainers.

Stock Market Outlook

LAST WEEK: It was another week of bad news for the stock market as local shares dropped 1.99 percent week-on-week to 2,389.52. Analysts said investors were wary of monetary policy decision and were also hesitant to take positions due to continued volatility in global equity markets.

TKC looks for new earnings stream

STEEL products distributor and manufacturer, TKC Steel Corp., (TKC), is looking for opportunities in the mining sector to create new revenue stream.

Iligan steel facility plans to prioritize downstream efforts

Not Business as Usual: Round 1 winner

IN the race to establish Philippine banking presence in China, the Metropolitan Bank and Trust Co. won round one when it was allowed to set up shop in Shanghai, while Allied Bank won the consolation prize of a branch in Xiamen.