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EPHE

iShares MSCI Philippines Investable Market Index ETF

5/23/2013, 3:37 PM ET

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Thursday, May 23, 9:14 AM An upward revision to Q1 GDP did little for stocks in Singapore (EWS) as the Straits Times tumbles 1.77% to its lowest level in in two weeks amid global selling. Across the region: Thai equities (THD) fall 1.5%, amid "caution" before next week's central bank meeting (on down days it's "rate cut caution" on up days its "rate cut speculation"), Malaysian shares (EWM) drop 0.61% in Kuala Lumpur, and Philippine stocks (EPHE) sink 0.96% in Manila, erasing three quarters of a two-day rally. Comment! [Global & FX]
Wednesday, May 22, 8:37 AM Thai shares (THD) fall 0.74%, led lower by a 2.6% drop for Shin Corp. (SHNZY.PK) which, as it turns out, will not be added to the MSCI Thailand index (its free-float adjusted market cap isn't high enough). Elsewhere, Philippine equities (EPHE) rise 0.78%, bringing their two day gain to 1.5%. Comment! [Global & FX]
Tuesday, May 21, 9:19 AM Thai stocks (THD) cooled off Tuesday even as property shares outperformed on continued speculation about a rate cut to boost economic growth. Regional winners were Malaysian (EWM) and Philippine (EPHE) equities, up 0.58% and 0.72% respectively. Comment! [Global & FX]
Monday, May 20, 9:47 AM UBS' 5 "suspected" asset bubbles: 1) Risk-free rates - specifically Treasurys (TLT), Bunds (BUND, BUNL), JGBs (JGBL, JGBT, JGBD, JGBS) 2) Credit (HYG, JNK) 3) Real estate in Asia (WPS) 4) Certain EM equity markets (EIDO, IDXJ, EPHE, THD, EWW) 5) Australian banks (WBK, NABZY.PK, ANZBY.PK, CMWAY.PK). Comment!
Friday, May 17, 9:26 AM Thai stocks (THD) rise 0.62%, helped by 7% gains for Shin Corp. (SHNZY.PK) and Minor International (MNILF.OB) which will both be added to the MSCI Emerging Markets (EEM) index. Elsewhere in the region, stocks in Indonesia (IDX) rise 1.32%, continuing to defy analysts' predictions (I, II) of a steep sell-off, and post-midterm election profit-taking continues in the Philippines (EPHE), where stocks fall 0.42%. Comment! [Global & FX]
Thursday, May 16, 9:03 AM Post election rallies in Malaysian (EWM) and Philippine (EPHE) equities appear to have run their course as stocks in Kuala Lumpur and Manila fall 0.91% and 1.1% respectively. The mood in Malaysia wasn't helped by GDP data which showed the country's economy (the third largest in the region) grew by just 4.1% in Q1, the slowest pace in three years. Comment! [Global & FX]
Wednesday, May 15, 10:15 AM For the second straight session, Philippine stocks (EPHE +0.5%) lead regional gainers, rising 1.08% in Manila after mid-term elections indicate President Aquino will control both chambers of Congress effectively eliminating the prospect he will become a lame-duck. Aquino's economic policies have helped the country attain investment grade status but have been criticized for not doing enough to help the poor or stamp out deep-seated corruption. Comment! [Global & FX]
Tuesday, May 14, 10:57 AM Philippine equities (EPHE +1%) touch new record highs Tuesday on the back of a 3% gain in shares of telecom Philippine Long Distance Co, while Thai stocks (THD +0.9%) continue to put in fresh nineteen-year highs, as the SET closes at 1,623.48, helped by buying in bank stocks as investors anticipate a rate cut to corral the surging baht. Comment! [Global & FX]
Wednesday, May 8, 10:18 AM In a reversal of Tuesday's action, Philippine stocks (EPHE +0.7%) rise 0.5%, recouping half of Monday and Tuesday's losses while Malaysian equities (EWM +0.3%) finally cool off after surging ~5% following Sunday's election. Elsewhere in the region, Thai stocks (THD +1.8%) rally 0.8% to a fresh 19-1/2 year high, while regional agribusiness heavyweight Wilmar (WLMIY.PK +2.4%) posts a 23% Y/Y increase in earnings, fueling a 0.9% bump for stocks in Singapore (EWS +0.8%). Comment! [Global & FX]
Tuesday, May 7, 10:27 AM Malaysian equities (EWM +0.5%) put in another record close in Kuala Lumpur Tuesday as the post-election rally (I, II) continues, led by financials. Net foreign buying totals $820M so far this week. Speaking of foreign capital inflows, stocks in Manila (EPHE -0.4%), capital of recently investment grade Philippines (I, II), slip 0.3% on the day but remain near record highs. In other Southeast Asian markets, Thai stocks (THD +0.5%) rose 1.14%. Comment! [Global & FX]
Sunday, May 5, 1:04 AM "If the inflows are hot money, we need to be careful … because they can lead to financial volatility," Philippine central bank chief Amando Tetangco says, referring to anticipated capital inflows into the country's debt and equity (EPHE) markets following two upgrades into investment grade territory (S&P and Fitch) in the last two months. Some worry the ratings agencies' moves will cause unmanageable inflows at a time when the peso has already gained 3.3% against the dollar in the past 12 months. 1 Comment [Global & FX]
Thursday, May 2, 2:45 PM S&P becomes the second ratings agency (Fitch) in as many months to take the Philippines into investment grade territory. Citing moderate inflation and decreasing dependency on foreign currency debt, S&P raises the country's foreign long-term and short-term debt ratings one notch to BBB- and A-3 respectively (Outlook Stable). Analysts took the opportunity to contrast the country's economic profile with that of Indonesia (I, II), which some say is witnessing a credit bubble. IShares MSCI Philippines ETF (EPHE +2.3%) is trading at a fresh all-time high on the upgrade. Comment! [Global & FX]
Thursday, April 25, 9:40 AM The Philippine central bank keeps its benchmark rate unchanged at 3.5% (a record low) but lowers the special deposit account rate by 50 basis points, noting that inflation expectations remain anchored. Stocks in Manila closed up fractionally and remain near all-time highs despite a 2% drop in recent days. Comment! [Global & FX]
Monday, April 22, 7:02 AM Another day, another new record closing high for Philippine equities (EPHE) as the index in Manila jumps 2.4% to 7,120.48. In other Southeast Asian markets, Thailand's SET index rises nearly 1% and settles comfortably above the psychologically important 1,500 level — the Thai market (THD) was buoyed once again by strong earnings from the financial sector. (Previously: Thai banks boost reserves amid bubble worries) Comment! [Global & FX]
Friday, April 19, 12:16 PM Philippine stocks (EPHE +2.2%) hit record highs as foreign inflows top $113M on the week — Fitch's upgrade of the country to investment grade last month may be contributing to capital inflows. Meanwhile, Thai stocks (THD +2.3%) rose for the second day in a row on the back of strong earnings from the country's financial sector. Comment! [Global & FX]
Wednesday, April 3, 2:14 PM Today also saw Global X's launch of the first ever ETF covering Central Asia republics and Mongolia (AZIA). The fund's portfolio will be spread between Mongolia, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan and will charge 0.69%. This compares as follows to other Asian country ETFs: VNM - 0.76%, THD - 0.62%, IDX - 0.57%, EWM - 0.52%, EPHE - 0.59%. Comment!