11 April 2011
USD/PhP: 43.08 + 0.08 PSEi: 4227.99 - 13.02
USD/JPY: 84.75 PFINC: 932.23 - 6.57
EUR/USD: 1.4459 BDO: 53.40 - 0.40
GBP/USD: 1.6327 BPI: 58.50 - 1.75
PDSTF3M: 1.0919 MBT: 67.80 unch
Prices as of 4:00pm Source: Bloomberg, Reuters
PH stocks fall on profit-taking
By Doris Dumlao
Philippine Daily Inquirer
MANILA, Philippines—Local stocks dipped on Monday as investors locked up gains as many stocks hit overbought levels during the two-week run-up.
The main-share Philippine Stock Exchange index fell by 13.02 points or 0.31 percent to finish at 4,227.99.
The equities market hit a resistance near the 4,250 level after opening but the 4,200 level likewise provided to be a resilient support, allowing the index to trim the day's losses.
PLDT, San Miguel Corp., Aboitiz Power, Ayala Land, AGI, Universal Robina, Cebu Air, BPI, Megaworld and SM Investments traded in the red on heavy volume.
SMC, which is not part of the main index, was sold down ahead of an investors' briefing on the conglomerate's planned sale of $850 million worth of secondary shares and US dollar-denominated convertible bonds.
Value turnover for the day amounted to P4.66 billion. There were 56 advancers which were edged out by 60 decliners while 44 stocks were unchanged.
The industrial and property counters took the brunt for the day while index losses were tempered by meager gains eked out by the holding firms, services and mining/oil counters.
BDO UNIBANK, INC.
Jonathan Ravelas
Chief Market Strategist
(632) 858-3145
Rhys Cruz
Junior Researcher
(632) 858-3001
No comments:
Post a Comment