23 February 2011
USD/PhP: 43.57 PSEi: 3757.04 - 27.03
USD/JPY: 82.73 PFINC: 823.17 - 4.76
EUR/USD: 1.3723 BDO: 47.10 + 0.20
GBP/USD: 1.6204 BPI: 53.30 - 0.70
PDSTF3M: 2.2654 MBT: 57.00 + 0.10
Prices as of 4:00pm Source: Bloomberg, Reuters
PH stock prices weaken
By Doris Dumlao
Philippine Daily Inquirer
MANILA, Philippines—Local stock prices weakened further on Wednesday as the continuing turmoil in oil-rich Libya spooked global financial markets.
The main-share Philippine Stock Exchange index lost 27.03 points or 0.71 percent to finish at 3,757.04.
Oil prices surged by 6 percent to $95 a barrel as Libyan leader Moammar Gadhafi came out on national TV to say that he would remain in office. He also tried to rally supporters to come out of their homes to ward off the young protesters.
Libya is the world's 15th largest exporter of crude and has the largest oil reserves in Africa. It accounts for 2 percent of global daily output.
At the local market, the 3,700 level appeared to be a strong support level as selective bargain-hunting emerged when the index neared this barrier.
The financial, industrial, holding firm and services counters traded in the red while modest gains eked out by the property and mining/oil counters tempered the overall decline.
Value turnover was still meek at P3.4 billion. There were 46 advancers against 89 decliners while 32 stocks were unchanged.
PLDT, San Miguel, EDC, Cebu Air, Ayala Corp., SM Investments, Nickel Asia, AGI, BPI, Security Bank, FPH, Meralco and Metro Pacific Investments were traded down. On the other hand, bargain-hunters picked up shares of Aboitiz Power, Metrobank, Semirara Mining, Megaworld, Banco de Oro and Manila Mining.
Markets feared that the uprising in the Middle East and North Africa, which has already toppled leaders in Tunisia and Egypt, could spread elsewhere and cause disruptions in the price of oil.
The Philippines, which was hit badly by the last global commodity upswing in 2008, is a net oil importer.
BDO UNIBANK INC.
Jonathan Ravelas
Chief Market Strategist
(632) 858-3145
Rhys Cruz
Junior Researcher
(632) 858-3001
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