IN BRIEF

Trading to consolidate on profit-taking this week

TRADING at the Philippine Stock Exchange is expected to return to consolidation after last week’s strong rally as investors are expected to cash in on recent gains.

ChinaBank Capital managing director Juan Paolo Colet said some traders are expected to take profits this week after the index climbed by as much as 3.85 percent last week.

Colet said a technical correction could provide opportunity for some investors to accumulate on dips as they position ahead of President Ferdinand Marcos Jr.’s State of the Nation Address and the US Federal Reserve’s policy rate announcement later this month.

“It is also important to keep a close eye on foreign fund flows as sustained net foreign buying would be crucial for the market’s strength,” Colet said. Colet said index may retest the durability of the 6,530 to 6,580 support zone this week. He said that if prices hold above those levels and close atop 6,600 by the end of the week, the market could build a base for further bullish action heading toward the end of July. The index gained 245.76 points weekon-week to close at 6,624.79 last week after the latest the US June inflation rate eased to 3 percent from 4 percent in May.

Jenniffer B. Austria

BOC stops P240m fake goods shipment at Subic

THE Bureau of Customs - Port of Subic recently intercepted two 40-foot container shipments carrying counterfeit goods with an estimated value of P240 million.

Included in the shipments are Balenciaga, Louis Vuitton, Adidas, Calvin Klein, Under Armour, Lacoste, GAP, Nike, Zara, Reebok, and other brands, in violation of Intellectual Property Rights regulations.

“This operation demonstrates ongoing efforts to combat the infringement of intellectual property and protect the rights of legitimate businesses,” the Customs said in a statement over the weekend.

Port of Subic District Collector

Carmelita Talusan immediately issued consecutive Pre-Lodgment Control Orders after she received intelligence reports on the shipments.

Customs officers identified the containers carrying merchandise suspected of infringing upon protected intellectual property rights through a 100-percent physical examination and cross-referencing of documentation.

Customs Commissioner Bienvenido

Rubio, together with Talusan and in partnership with other authorities acted on the report and discovered 1,269 boxes of counterfeit products bearing trademarks and copyrighted materials without the required authorization from the rights holders.

The shipments were initially reported to contain T-shirts but were later found to contain assorted brand-new apparel with logos and designs of branded goods.

Julito G. Rada

By Alena Mae S. Flores