28 February 2011
USD/PhP: 43.565 - 0.145 PSEi: 3766.73 + 29.69
USD/JPY: 81.69 PFINC: 839.97 + 21.17
EUR/USD: 1.3784 BDO: 46.90 + 0.40
GBP/USD: 1.6147 BPI: 55.65 + 2.65
PDSTF3M: 1.9269 MBT: 57.40 + 0.45
Prices as of 4:00pm Source: Bloomberg, Reuters
Upbeat mood marks trading on local stock market
By Doris Dumlao
Philippine Daily Inquirer
MANILA, Philippines—The local stock market started the week on an upbeat mood as bargain hunters loaded up on Aboitiz stocks alongside other oversold conglomerate and banking shares.
The main-share Philippine Stock Exchange index added 29.69 points or 0.79 percent to finish at 3,766.73 in heavy trading on Monday.
Dealers said the day's upswing was fueled by heavy buying on Aboitiz stocks, particularly holding firm Aboitiz Equity Ventures (AEV) and power unit Aboitiz Power. This was as the inclusion of AEV in a closely tracked MSCI index took effect.
Value turnover surged to P8.29 billion, bouncing from anemic trading in the last few weeks. About P3.9 billion of the value traded on the local bourse was on AEV.
But the bargain-hunting was selective, thereby lifting 63 stocks as against 61 that declined.
Other stocks that benefited from bargain hunting for the day were SM Investments, Megaworld, Cebu Air, DMCI Holdings, San Miguel Corp., BPI, Banco de Oro and Semirara Mining Corp.
On the other hand, AGI, PLDT, Ayala Land, ICTSI, Meralco, EDC, Jollibee, SM Prime and Philex Mining traded in the red.
BDO UNIBANK INC.
Jonathan Ravelas
Chief Market Strategist
(632) 858-3145
Rhys Cruz
Junior Researcher
(632) 858-3001
No comments:
Post a Comment