n  LAST week: Battered by the collapse of Lehman Brothers, one of the world’s largest investment banks, the local equities market fell 6.92 percent week-on-week to 2,462.79.

n  THIS week: Jonathan Ravelas, head for economic research and chief market strategist at BDO, said last week’s close implies a technical bounce may happen and a test of the 2,500 to 2,550-level is in the offing this week.

                Jun Calaycay, a trader at Accord Equities, for his part said the Dow’s strong 368.75 points surge at last week’s close should provide impetus to sustain Friday’s gains. 

                “Again we must keep in mind that none of these suggest a sustainable turnaround as trades resume on Monday. At best, it allows more confidence in the earlier mentioned bottom. The market is giving enough time for investors to rationalize their portfolio to either minimize their risk-profile or to draw up a short-term, range-trading game plan,” he said.

                Dino Bate, president of Citiseconline.com, said the market will continue to remain weak for some time as the financial crisis in the US continues to deepen.

                “This is forcing investors to run for cover to safer investments like Treasury bills. The recent drop has shattered the confidence of investors and they will take time to come back,” he said.

n  STOCKS to watch: Calaycay said the market remains a “buy-on-dips, sell-on-rally” proposition at least over the near term. Bate, for his part, advises customers who want to take advantage of this situation to be prepared to invest for the long haul where one invests a fix amount of money in regular intervals spread over a long period of time. --Honey Madrilejos-Reyes

A SUBSIDIARY of telephone giant Philippine Long Distance Telephone Co. (PLDT) has tapped SES New Skies of Netherlands for its direct-to-home (DTH) satellite television service to be launched in the fourth quarter this year.

SM property unit sees P10-M sales from QC development

THE three-tower residential project of SM Development Corp. (SMDC) in Quezon City is expected to turn in about P10 billion in sales to the Sy-controlled property firm.

Listed gaming firm sees 3-year revenues to reach $18M

LISTED Leisure & Resorts World Corp. (LRWC) expects to gain net revenues of $18.2 million (roughly P860 million) for the first three years of sports-betting operations in partnership with Asian Logic Ltd.

Solar wants sales agent to pay up

SOLAR Team Entertainment Inc. (STEI), a provider of entertainment shows in television and theater, has asked the Supreme Court to require its former marketing agent to remit sales and collections totaling P224.7 million, representing sold advertising slots.

STOCK MARKET OUTLOOK

n  LAST week: Battered by the collapse of Lehman Brothers, one of the world’s largest investment banks, the local equities market fell 6.92 percent week-on-week to 2,462.79.

Aruze granted license for  Manila Bay development

BENT on boosting the country’s bid to become one of the world’s big-time entertainment and gaming hubs, the government has awarded Japan’s Aruze Corp. the license to locate in the Bagong Nayong Pilipino Entertainment City in Manila Bay.

Not Business as Usual: Unscheduled flights

A COUPLE of local bankers recently took unscheduled weekend flights to the US. No, they are not the advance party of President Arroyo. Neither are they alumni of the losing team in yesterday’s first game of the NCAA championship finals between De La Salle University and Ateneo de Manila University.