COMPANIES have so far raised P88.43 billion from initial and additional offerings, surpassing last year’s record of P57.2 billion, the Philippine Stock Exchange (PSE) reported over the weekend.

The record level in share sale came from eight IPOs led by Pacific Online Systems Corp., Aboitiz Power Corp., GMA Network Inc., Anchorland Holdings Inc., National Reinsurance Corp., Splash Corp. and Phoenix Petroleum Philippines Inc., as well as the additional shares sold by Alliance Global Inc., Union Bank of the Philippines and Philippine National Bank.

Next year, more companies are expected sell shares for the first time. Among them are Cebu Pacific, Pepsi Cola, E-Performax, Viva Holdings, and software firm Gurango.

In another development, the exchange has appealed to President Arroyo to look into a memorandum circular issued by the Bureau of Internal Revenue (BIR), which raised the capital gains tax on block sales.

“Instead of the one-half of 1-percent transaction tax, the circular imposes a 5-percent to 10-percent capital gains tax on block sales of listed shares on the exchange. This new measure could have adverse effects on the exchange and its ability and objective to give vitality to the capital market,” said PSE chairman Jose Vitug. A block sale is a transaction between a buyer and a seller, arranged by dealer brokers for their respective clients.

STOCK MARKET OUTLOOK 

LAST week: Stock prices fell 2.90 percent week-on-week to 3,494.44 on persistent concerns subprime-market crisis will spill over to the main economy. That had been going on for the sixth-straight week. Investors were cautious, choosing the sidelines as markets treaded on a volatile lane.

THIS week: BDO-EPCI market strategist Jonathan Ravelas said the previous week’s close implies that the 3,450 support levels are holding so far.

“Expect a minor bounce towards 3,500-3,550 levels.  Failure for the market to hold above the 3,450 levels could call for further losses towards the 3,050-3,150 levels,” he said.

AB Capital Securities analyst Prince Yeung said this week will be a battle between the strength of the local economy and its fundamentals versus negative developments abroad.

“The volatility and uncertainty surrounding the US markets will weigh heavily on the mind of investors, which may cause  continued caution in making moves. With a lack of fresh leads domestically, the Philippine Stock Exchange index will continue to be guided by market movements abroad,” he said.

STOCKS to watch: Attention will continue to focus on property, services and mining shares, traders said, as these shares may prove sturdy amidst external concerns. In terms of specific stocks, focus will be on Ayala Land, PNOC-EDC, SM Prime, Vista Land and i-Remit.

CALL them the crème de la crème of Philippine Web design.

They took center stage as the best works of local web site designers were honored in glitzy and glamorous rites during the 10th Philippine Web Awards (PWA), which techies refer to as “the Webbys.” It was Friday night at the Teatrino Bar and Restaurant, Promenade, Greenhills Commercial Complex, San Juan City.

New tech services firm takes shape

PUBLICLY traded Pacific Online System Corp. (POSC) and Diversified Financial Network Inc. are forming a joint venture to provide technical-service solutions to domestic and foreign businesses.

ORACLE Philippines recently launched the Oracle Global Development and Delivery Center in the country.

Francis Ong, managing director of Oracle Philippines, said the center is a milestone for Oracle’s Philippine unit and will benefit the country in terms of technology development. “Oracle has invested in a dedicated business unit based at this center that will develop cutting-edge solutions for the utilities industry and the public sector in the Philippines and also globally. This center will contribute to the efforts of the global product development teams,” Ong said in a statement.

COMPANIES have so far raised P88.43 billion from initial and additional offerings, surpassing last year’s record of P57.2 billion, the Philippine Stock Exchange (PSE) reported over the weekend.

A MOVIE production company was the biggest surprise of the week ending November 23 when it continued rising and closed at P1.04.

The performance of Premiere Entertainment Productions Inc. may puzzle the public investors because the company reported a net loss of P2,009,508 in the first nine months of 2007 and a deficit of P395,304,695.

Newly listed Splash Corp. is signing this week a property joint venture with Vista Land, which is majority owned by the family of Senate President Manuel Villar. The property is located near Asian Development Bank in Ortigas Commecial Center.