Philippine Markets: 17 May 2011

17 May 2011

USD/PhP: 43.285 - 0.005 PSEi: 4261.60 - 39.21
USD/JPY: 81.63 PFINC: 946.64 - 2.69
EUR/USD: 1.4153 BDO: 57.45 + 1.45
GBP/USD: 1.6252 BPI: 56.50 - 1.70
PDSTF3M: 2.2842 MBT: 69.15 + 0.60
Prices as of 4:00pm Source: Bloomberg, Reuters


Emerging-Market Stocks Fall to March Low on Economic Concerns
By Saeromi Shin

May 17 (Bloomberg) -- Emerging-market stocks fell, driving
a benchmark index to the lowest level in almost two months, as
Greece sought more bailout funds and U.S. data fueled concern
the global economy recovery may falter.
The MSCI Emerging Markets Index lost 3.29, or 0.3 percent,
to 1,133.37 as of 4:15 p.m. in Seoul, heading for the lowest
close since March 24. The gauge has dropped for five straight
days, the longest losing streak since Feb. 10. The Philippine
Stock Exchange Index sank 0.9 percent, while India’s Bombay
Stock Exchange Sensitive Index, or Sensex, retreated 0.4
percent. Vietnam’s benchmark index slid 1.5 percent before the
country’s central bank raised interest rates for a second time
this month.
"Inflationary concerns are still out there and there isn’t
enough confidence about the global economy,’’ said Lim Chang
Gue, a fund manager in Seoul at Samsung Asset Management Co.,
which oversees about $29 billion.
MSCI’s developing nation gauge has declined 6 percent this
month, erasing this year’s gains, amid a selloff in commodity
producers and renewed sovereign-debt concern in the euro area.
Stocks on the index trade at 11.1 times estimated earnings, near
the lowest level since March 2009.

BDO UNIBANK, INC.

Jonathan Ravelas
Chief Market Strategist
(632) 858-3145

Rhys Cruz
Junior Researcher
(632) 858-3001