09 May 2011
USD/PhP: 42.93 - 0.15 PSEi: 4257.15 + 38.08
USD/JPY: 80.66 PFINC: 949.73 + 1.86
EUR/USD: 1.4431 BDO: 56.80 + 0.05
GBP/USD: 1.6384 BPI: 57.90 - 0.10
PDSTF3M: 1.5231 MBT: 68.30 + 0.85
Prices as of 4:00pm Source: Bloomberg, Reuters
PH stocks surge on upbeat Q1 earnings
By Doris Dumlao
Philippine Daily Inquirer
MANILA, Philippines—Local stocks resumed their upswing on Monday as investors picked up large cap and selected second-liners alongside optimism on first-quarter corporate earnings.
The main-share Philippine Stock Exchange index surged by 38.08 points, or 0.9 percent, to finish at 4,257.15.
Lepanto Mining, JG Summit, PLDT, AGI, Metrobank, Aboitiz Power and Megaworld led the index higher while non-index stocks San Miguel Corp., Cebu Air and Geograce likewise gained in heavy volume.
Mining/oil led outperformers for the day, rising by 2.17 percent on the back of a merger and acquisition play on Lepanto, where the group of Manual V. Pangilinan-led Philex Mining recent acquired a 5-percent stake.
BDO UNIBANK, INC.
Jonathan Ravelas
Chief Market Strategist
(632) 858-3145
Rhys Cruz
Junior Researcher
(632) 858-3001
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